412:10-301 Share accounts and membership shares. (a) Share accounts and membership shares (if any) shall be subscribed to and paid for in such manner as the bylaws prescribe.

(b) A credit union may require its members to subscribe to and make payments on membership shares.

(c) The par value of shares and membership shares shall be prescribed in the bylaws.

(d) A membership share may not be redeemed or withdrawn except upon termination of membership in the credit union.

(e) A credit union may limit the number of shares which may be owned by a member, but any such limit shall apply alike to all members. [L 1993, c 350, pt of 1]

 

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