The capital stock of the credit union shall be unlimited in amount; shares of capital stock may be subscribed for and paid in such manner as the bylaws shall prescribe, but no certificate of shares shall be issued until the shares have been fully paid up. The par value of each share of the capital stock shall be set by each credit union in an amount not to exceed one hundred dollars. As an initial payment for the privilege of membership, the board of directors may assess a reasonable entrance fee. However, the board may elect to waive entrance fees. Each member must subscribe for not less than one share of capital stock.
HISTORY: 1962 Code Section 8-664; 1952 (47) 1950; 1961 (52) 175; 1971 (57) 768; 1979 Act No. 38 Section 4; 1982 Act No. 359, Section 1.