Current through the 2024 Legislative Session
Section 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value of shares and membership shares shall be prescribed in the bylaws.(d) A membership share may not be redeemed or withdrawn except upon termination of membership in the credit union.(e) A credit union may limit the number of shares which may be owned by a member, but any such limit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.