- (a) Shares and membership shares shall be subscribed to and paid for in the manner prescribed in the bylaws.
- (b) The par value of shares and membership shares shall be as prescribed in the bylaws.
- (c) Membership shares may not be pledged as security on any loan.
- (d) A District credit union may limit the number of shares that may be owned by a single member.
- (e) Shares may be subscribed to, paid for, and transferred in the manner prescribed in the bylaws.
- (f) The board of directors may establish different classes of share accounts, classified in relation to different rights, restrictions, and dividend rates.
- (g) Notwithstanding any other provision of law, funds deposited in a share account, share certificate, or any other program offered by the District credit union for the purpose of promoting consumer savings shall not constitute consideration or a thing of value for the purposes of a promotional contest or raffle under District law.
History
May 6, 2020, D.C. Law 23-86, § 601