§ 23-35-501 — Shares generally - Liens on shares

(a) A "share" is a term applied to each five dollars ($5.00), but not more than twenty-five dollars ($25.00), standing to the share account of a member. (b) The shares of stock of a credit union shall all be common shares of one (1) class and shall have a par value of five-dollar multiples of not less than five dollars ($5.00) nor more than twenty-five dollars ($25.00) per share. (c) No certificate shall be issued to denote ownership of a share in a credit union. (d) Shares may be subscribed, paid for, and transferred in such manner as the bylaws may prescribe. (e) The credit union shall have and may exercise a lien on the shares of any member for any sum due the credit union from the member or for any loan endorsed by him or her. (f) When the share balance of a member is reduced to less than one (1) fully paid share by the member's action and remains below that amount for a period of one (1) year or longer after the member has received actual notice of that fact, it may be absorbed by a late or service charge upon authorization of the board of directors of the credit union.

Legislative History

Acts 1971, No. 132, § 19; 1975 (Extended Sess., 1976), 1182, § 3; 1985, No. 936, § 13; A.S.A. 1947, § 67-919; reen. Acts 1987, No. 995, § 3.