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 […]
54-109.54. Dividends. The board of directors of any credit union may declare dividends as its bylaws provide. (1915, c. 115, s. 22; C.S., s. 5223; 1925, c. 73, s. 3; 1935, c. 87; 1957, c. 989, s. 3; 1965, c. 956, s. 15; 1969, c. 69, ss. 3, 4; 1973, c. 199, s. 7; 1975, […]
54-109.55. Deposits. A credit union may receive on deposit the savings of its members and also nonmembers in such amounts and upon such terms as the board of directors may determine and the bylaws shall provide. (1915, c. 115, s. 16; C.S., s. 5217; 1925, c. 73, s. 3; 1935, c. 87; 1975, c. 538, […]
54-109.56. Thrift accounts. Christmas clubs, vacation clubs, and other thrift accounts may be operated under conditions established by the board of directors. (1975, c. 538, s. 1.)
54-109.57A. Payable on Death (POD) accounts. (a) Shares may be issued to and deposits received from any natural person or natural persons establishing an account who shall execute a written agreement with the credit union containing a statement that it is executed pursuant to the provisions of this section and providing for the account to […]
54-109.58. Joint accounts. (a) Shares may be issued to and deposits received from any two or more persons opening or holding an account or accounts, but no joint tenant, unless a member in his own right, shall be permitted to vote, obtain loans, or hold office or be required to pay an entrance or membership […]
54-109.59. Liens. The credit union shall have a lien on the shares, deposits and accumulated dividends or interest of a member in his individual, joint or trust account, for any sum past due the credit union from said member or for any loan endorsed by him. (1915, c. 115, s. 13; C.S., s. 5226; 1925, […]
54-109.60A. Minors. (a) A credit union may issue and operate a share or deposit account in the name of (i) a minor or (ii) the names of two or more individuals, one or more of which are minors. A minor who obtains a share or deposit account from a credit union under this subsection, whether […]
54-109.60B. Accounts opened by adults for minors. (a) One or more adults may open and maintain a custodial share account for or in the name of a minor and using the minor’s taxpayer identification number. Unless otherwise provided in the agreement governing the account, the following terms apply: (1) Beneficial ownership of the account vests […]
54-109.61. Reduction in shares. (a) Whenever the losses of any credit union, resulting from a depreciation in value of its loans or investments or otherwise, exceed its undivided earnings and reserve fund so that the estimated value of its assets is less than the total amount due the shareholders, the credit union may by a […]
54-109.62. Payment of balance of deceased person or person under disability to personal representative or guardian. (a) A credit union may pay any balance on deposit to the credit of any deceased individual to the duly qualified personal representative, collector, or public administrator of the decedent who is qualified as such under the laws of […]
54-109.62A. Powers of attorney; notice of revocation; payment after notice. (a) Any credit union may continue to recognize any act of an attorney-in-fact or other agent until the credit union receives actual notice of the principal’s death or a written notice of revocation signed by the principal who granted the authority or, in the case […]
54-109.63. Personal agency accounts. (a) A person may open a personal agency account by written contract containing a statement that it is executed pursuant to the provisions of this section. A personal agency account may be a checking account, savings account, time deposit, or any other type of withdrawable account or certificate. The written contract […]
54-109.64. Savings promotion raffles. A credit union may offer a savings promotion raffle in which the sole consideration required for a chance of winning designated prizes is the deposit of a minimum specified amount of money in a savings account or other savings program offered by the credit union. A credit union shall maintain records […]
