The capital of a credit union shall consist of the payments that have been made to it by the several members thereof on shares. The credit union shall have a lien on the shares and deposits of a member for any sum due to the credit union from said member or for any loan endorsed by him. A credit union may charge an entrance fee as may be fixed by the bylaws; provided, that such entrance fee shall not exceed $1.00.
Structure Code of Alabama
Title 5 - Banks and Financial Institutions.
Article 1 - General Provisions.
Section 5-17-1 - "Credit Union" Defined.
Section 5-17-2 - Procedure for Organization and Incorporation.
Section 5-17-3 - Use of Words "Credit Union" in Name or Title.
Section 5-17-4 - Powers Generally.
Section 5-17-6 - Withdrawal of Members; Expulsion for Cause; Termination of Membership; Readmission.
Section 5-17-7 - Operating Fees; Fee Filed With Certificate of Organization.
Section 5-17-8.1 - Investigatory and Enforcement Powers of Administrator, Board, Designee, Etc.
Section 5-17-9 - Fiscal Year; Meetings of Members; Amendment of Bylaws.
Section 5-17-10 - Election of Board of Directors, Credit Committee, and Supervisory Committee.
Section 5-17-11 - Election of Officers; Duties of Officers and Directors; Compensation; Liability.
Section 5-17-12 - Powers and Duties of Credit Committee.
Section 5-17-13 - Powers and Duties of Supervisory Committee.
Section 5-17-14 - Capital; Lien on Shares and Deposits of Members; Entrance Fee.
Section 5-17-15 - Deposits for Minor or Trust Beneficiaries; Deposits in Names of Two Persons.
Section 5-17-16 - Disposition of Shares or Deposit Account of Deceased Person.
Section 5-17-17 - Loans to Members, Directors, Officers, Etc.
Section 5-17-18 - Interest Rates and Finance Charges on Loans; Late Charge.
Section 5-17-19 - Insurance and Reserves.
Section 5-17-21 - Voluntary Dissolution.
Section 5-17-22 - Merger and Conversion Procedures.
Section 5-17-23 - Change of Place of Business.
Section 5-17-25 - Alabama Credit Union League - Advance Payment of Dues by Member Credit Unions.
Section 5-17-29 - Penalties - Concealment of Discounts or Loans.
Section 5-17-31 - Penalties - Receipt of Property Other Than in Payment for Just Demand.