Nebraska Statutes 21-1716. Membership shares, defined
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Membership shares shall mean a balance held by a credit union and established by a member in accordance with standards specified by the credit union. Each member may own only one membership share. Ownership of a membership share shall represent an interest in the capital of the credit union upon dissolution or conversion to another type of institution.
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Terms Used In Nebraska Statutes 21-1716
- Capital: shall mean share accounts, membership shares, reserve accounts, and undivided earnings. See Nebraska Statutes 21-1703
- Credit union: shall mean a cooperative, nonprofit corporation organized under the Credit Union Act for purposes of educating and encouraging its members in the concept of thrift, creating a source of credit for provident and productive purposes, and carrying on such collateral activities as are set forth in the act. See Nebraska Statutes 21-1705
- Membership shares: shall mean a balance held by a credit union and established by a member in accordance with standards specified by the credit union. See Nebraska Statutes 21-1716