23-35-501. Shares generally — Liens on shares.

Arkansas Code — all titles (historical 2020) · legal_authorities

23-35-501. Shares generally — Liens on shares.

23-35-501. Shares generally — Liens on shares. (a) A “share” is a term applied to each five dollars ($5.00), but not more than twenty-five dollars ($25.00), standing to the share account of a member. (b) The shares of stock of a credit union shall all be common shares of one (1) class and shall have a par value of five-dollar multiples of not less than five dollars ($5.00) nor more than twenty-five dollars ($25.00) per share. (c) No certificate shall be issued to denote ownership of a share in a credit union. (d) Shares may be subscribed, paid for, and transferred in such manner as the bylaws may prescribe. (e) The credit union shall have and may exercise a lien on the shares of any member for any sum due the credit union from the member or for any loan endorsed by him or her . (f) When the share balance of a member is reduced to less than one (1) fully paid share by the member's action and remains below that amount for a period of one (1) year or longer after the member has received actual notice of that fact, it may be absorbed by a late or service charge upon authorization of the board of directors of the credit union.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-35-501

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.