Qualifications of members.
Section 26
SEC. 26. Qualifications of members.— Any natural person, co-operative or any nonprofit group shall be eligible for membership in a co-operative if the applicant meets the qualifications prescribed in the regulations and the by-laws. An applicant for membership shall be deemed a member after approval of his membership by the board of directors and shall exercise the rights of a member after having made such payment to the co-operative in respect of membership or acquired interest in the co-operative as may be prescribed by the regulations and the by-laws. Notwithstanding the provisions of any law or regulation, officers or employees of the Government shall be eligible for membership in any co-operative if he meets the qualifications therefor and he shall not be precluded from being elected to any elective position in the cooperative of which he is a member and to hold office therein, or from receiving compensation therefor: Provided, That elective officers of the Government shall be ineligible to become officers and directors of any co-operative. For this purpose, individual permission need not be obtained from the proper head of office: Provided, however, That this authority shall not be construed to permit the use of official time. Membership in a co-operative shall be voluntary and open to all persons residing in the area of operation and falling within the field of membership, provided they meet the qualifications prescribed in the by-laws and are admitted as members by the board of directors: Provided, however, That no person shall be eligible to borrow from more than one co-operative. In case membership is refused or denied by the board of directors, an appeal may be made to the general assembly of the co-operative, the decision of which shall be final.