54-109.53. Shares.
(a) The capital of a credit union consists of the payments made by members on shares, undivided surplus, and reserves.
(b) Shares may be subscribed to, paid for and transferred in such manner as the bylaws prescribe.
(c) A certificate need not be issued to denote ownership of a share in a credit union. (1915, c. 115, s. 13; C.S., s. 5226; 1925, c. 73, s. 3; 1935, c. 87; 1965, c. 956, ss. 16, 17; 1975, c. 538, s. 1.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 54 - Cooperative Organizations
Article 14F - Savings Accounts.
§ 54-109.56 - Thrift accounts.
§ 54-109.57A - Payable on Death (POD) accounts.
§ 54-109.60B - Accounts opened by adults for minors.
§ 54-109.61 - Reduction in shares.
§ 54-109.62A - Powers of attorney; notice of revocation; payment after notice.