Arizona § 6-551 Share accounts

Arizona Statutes

§ 6-551 — Share accounts

Arizona·Title 6 Arizona Revised Statutes·Ch. 4 CREDIT UNIONS·Art. 6 Accounts

A.Share accounts shall be subscribed to and paid for in such manner as the board of directors prescribes. A credit union may require its members to subscribe to and make payments on membership shares. Membership shares may not be pledged as security on any loan.

B.The par value of any membership shares may differ from the par value of other shares.

C.A credit union may limit the amount in share accounts and deposit accounts and any such limit must apply to all account holders.

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A. Share accounts shall be subscribed to and paid for in such manner as the board of directors prescribes. A credit union may require its members to subscribe to and make payments on membership shares. Membership shares may not be pledged as security on any loan.

B. The par value of any membership shares may differ from the par value of other shares.

C. A credit union may limit the amount in share accounts and deposit accounts and any such limit must apply to all account holders.

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