(1) Share accounts and membership shares, if any, may be subscribed to, paid for, and transferred in such manner as the bylaws may prescribe. A credit union may have more than one class of share accounts subject to such terms, rates, and conditions as the board of directors establishes or as provided for in the underlying contract. All classes of share accounts shall be treated equally in the event of liquidation of the credit union.
(2) A credit union may require its members to subscribe to and make payments on membership shares.
(3) The par value of share accounts and membership shares shall be as prescribed in the bylaws.
(4) Membership shares may not be pledged as security on any loan.