§ 54-109.53. Shares. - North Carolina Statutes

Article14F.

Savings Accounts.

§ 54‑109.53.  Shares.

(a)        The capital of acredit union consists of the payments made by members on shares, undividedsurplus, and reserves.

(b)        Shares may besubscribed to, paid for and transferred in such manner as the bylaws prescribe.

(c)        A certificate neednot be issued to denote ownership of a share in a credit union. (1915,c. 115, s. 13; C.S., s. 5226; 1925, c. 73, s. 3; 1935, c. 87; 1965, c. 956, ss.16, 17; 1975, c. 538, s. 1.)