A Credit Union is an economic democracy, which is owned and controlled by its members. As such, each member must, upon application for membership, purchase a $100 share in the Credit Union. The share is not a fee or a charge but must remain on deposit while the membership account is open. The share entitles each member, over 16 years of age, to vote on all aspects of the Credit Union’s operations which are brought before the general membership for approval including the election of the Board of Directors.