§ 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.
(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.