Section 1. Classes of Members. The Corporation shall have three (3) classes of members. The designation of such classes and the qualifications with respect to each class shall be as follows:
Active members shall include all public officials or employees, elected or appointed, who are employed by any municipality of the State of Connecticut or any State of Connecticut Agency that is associated in any aspect or function of public finance. The word "municipality" as used in this article shall mean any town, city, borough or other duly authorized political subdivision organized under the laws of the State of Connecticut.
Associate members shall include any person who is not eligible for Active or honorary membership, and who is both interested in public finance and subscribes to the objectives and purposes of this Corporation.
Honorary members shall include any retired person elected to this class by the Corporation’s Executive Board of Directors in recognition of his or her exemplary service to the Corporation.