(a) Any credit union legally chartered by the state of Tennessee, or any credit union legally chartered by those states eligible for membership under subsection (c), or any credit union chartered by the federal government eligible for membership under subsection (d), may become a member of the corporation upon application by the board of directors of the credit union and approval of the board of directors of the corporation.

(b) Any credit union that becomes a member under subsection (c) or (d) shall have the same privileges, benefits, and obligations of membership as those credit union members chartered under the laws of the state of Tennessee.

(c) At any time after the corporation begins operations, credit unions chartered by other states of the United States may make application for membership in the corporation in either of the following methods:

(1) Upon enactment of statutes in the state in which it is chartered, which provide:

(A) Credit unions of the state may maintain membership in the corporation, or associations or corporations similar to the corporation;

(B) The credit union supervisory authority of the state shall cooperate with the corporation and the commissioner toward the end that the corporation can exercise its powers; and

(C) The member credit union shall comply with the articles of incorporation and bylaws of the corporation and comply with the statutes of the state of Tennessee establishing and governing the corporation; or

(2) By contract if all of the following conditions are satisfied:

(A) The commissioner permits the agreement;

(B) The credit union supervisory authority of the domicile state of the credit union applying for membership permits the agreement;

(C) The agreement is lawful under the laws of both the state of Tennessee and the domicile state of the credit union applying for membership;

(D) The corporation by agreement or law has sufficient authority to require the credit union applying for membership to comply with the bylaws and regulations of the corporation; and

(E) The board of directors of the corporation authorizes the contract.

(d) Credit unions chartered by the federal government may make application for membership in the corporation; provided, that the following conditions are satisfied:

(1) The commissioner permits the agreement;

(2) The National Credit Union Association or the supervisory authority of the credit unions chartered by the federal government and applying for membership permits the agreement;

(3) The agreement is lawful under the laws of both the state of Tennessee and the federal government;

(4) The corporation by agreement or law has sufficient authority to require the credit union applying for membership to comply with the bylaws and regulations of the corporation;

(5) The board of directors of the corporation authorizes the contract; and

(6) The credit union supervisory authority of the credit union chartered by the federal government shall agree to furnish to the corporation copies of all examination reports on all credit unions chartered by the federal government that are or become members of the corporation.