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.

Terms Used In Arizona Laws 6-551

  • Credit union: means a cooperative nonprofit association that is incorporated under this chapter for the purposes of encouraging thrift among its members and creating a source of credit and other financial services at fair and reasonable cost. See Arizona Laws 6-501

B. The par value of any membership shares may differ from the par value of other shares.

C. A credit union may limit the amount in share accounts and deposit accounts and any such limit must apply to all account holders.

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