- (1) The capital of a credit union shall consist of the payments made by members for shares of the credit union.
- (2) Shares may be subscribed to, paid for and transferred in such manner as the bylaws prescribe.
- (3) The board of directors may establish different classes of share accounts classified in relation to different rights, restrictions and dividend rates.
- (4) A certificate, passbook, periodic statement of account or other written evidence of ownership shall be issued to denote ownership of shares in a credit union.
(from Ch. 17, par. 4438)
(Source: P.A. 97-133, eff. 1-1-12.)