6-551. Share accounts A. Share accounts shall be subscribed to and paid for in such manner as the bylaws prescribe. A credit union may require its members to subscribe to and make payments on membership shares. Membership shares may not be pledged as security on any loan. B. The par value of any membership shares […]
6-552. Dividends A. After provision for the required reserves, the board of directors may declare dividends to be paid on share accounts from the undivided earnings. B. A credit union may pay dividends at various rates with due regard to the conditions that pertain to each type of share account, such as minimum balance, notice […]
6-553. Deposit accounts A. A credit union may only accept deposit accounts from its members, employers of members, sponsors of profit or pension trusts of those members, other credit unions and governmental units, and from nonmembers in the case of credit unions serving predominantly low income members in accordance with nonmember deposit requirements of the […]
6-554. Withdrawals A. A person may withdraw monies in share and deposit accounts for payment to the account holder or to third parties in the manner and in accordance with the procedures established by the board of directors. B. Share and deposit accounts are subject to any withdrawal notice requirements imposed pursuant to the bylaws. […]
6-555. Minors’ accounts The credit union may receive payment on share and deposit accounts from a minor, who may withdraw monies from the accounts, including any dividends or interest on the accounts. Payments on the accounts by a minor and withdrawals by the minor are valid in all respects. For these purposes a minor is […]
6-556. Multiple party accounts A. A credit union may enter into multiple party accounts, as provided in title 14, chapter 6, article 1. No multiple party owner, unless he is a member of the credit union in his own right, may vote at member meetings, obtain loans from the credit union or hold office in […]
6-557. Liens A. A credit union has a lien on the share and deposit accounts and accumulated dividends of a member for any amount owed the credit union by the member and for any loan endorsed by the member. The credit union has a right of immediate setoff with respect to each share and deposit […]
6-558. Member account insurance A. Before the incorporators of a credit union forward the organization documents to the deputy director, as required by section 6-506, they shall apply for insurance on share and deposit accounts from an insuring organization. B. The deputy director shall not grant a certificate of approval to form a credit union […]
6-559. Savings promotion accounts Notwithstanding any other law, a credit union may offer a savings promotion account that is a savings account or certificate of deposit that includes an incentive in which the sole requirement to obtain the incentive is the deposit of a specified amount of money in the account.
