7-9-25 - Shares -- Number unlimited -- Subscription and payment -- Par value -- Ownership required for membership -- Dormant accounts. - Utah Statutes

7-9-25. Shares -- Number unlimited -- Subscription and payment -- Par value --Ownership required for membership -- Dormant accounts.
(1) The capital of the credit union shall be unlimited in amount.
(2) Shares of the credit union may be subscribed and paid for in cash or its equivalent in amanner prescribed in the bylaws.
(3) The par value of each share of a credit union shall be determined by the board ofdirectors in multiples of $5 as prescribed in the bylaws.
(4) Each member of the credit union shall subscribe to at least one share and pay theinitial installment thereon. The par value of the share shall be paid for within six months.
(5) The board of directors may close a member's account when the share par value is notpaid within the required period or the par value is not maintained. Notice in writing shall bemailed to the member at the last known address and shall contain a statement that the membermay increase payment or voluntarily close the account within 60 days of receipt of the notice.
(6) When a member's account becomes dormant or is reasonably presumed to be dormantand abandoned, as provided in Chapter 1, the credit union by resolution of the board of directorsmay close the account and transfer the credits of the account to an account for unclaimed shares.Thereafter the credit union may not pay dividends or interest on the account, as provided in thebylaws, until the funds in the account escheat to the state of Utah. Prior to transferring themember's dormant and abandoned account to the credit union unclaimed shares account, the creditunion shall mail a written notice to the member at the member's last known address stating thatthis action will be taken within 30 days of the date of the notice.

Amended by Chapter 8, 1983 General Session