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Current as of January 01, 2024 | Updated by FindLaw Staff
(a) Share accounts and membership shares (if any) shall be subscribed to and paid for in such a manner as the bylaws prescribe.
(b) A corporate credit union may require its members to subscribe to and make payments on membership shares.
(c) The par value of shares and any membership shares shall be as prescribed in the bylaws. Par value of shares shall not be less than one dollar nor more than ten dollars per share.
(d) Membership shares may not be pledged as security on any loan.
(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.
Cite this article: FindLaw.com - West Virginia Code Chapter 31C. Credit Unions § 31C-6-1. Share accounts and membership shares - last updated January 01, 2024 | https://codes.findlaw.com/wv/chapter-31c-credit-unions/wv-code-sect-31c-6-1/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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