A credit union may, by action of the board of directors, establish a maximum amount that a member may have in any given type of share account. Any such action shall not affect any contract entered into by the credit union prior to the time of such action.

Terms Used In Nebraska Statutes 21-1778

  • Action: shall include any proceeding in any court of this state. See Nebraska Statutes 49-801
  • Action shall: include any proceeding in any court of this state. See Nebraska Statutes 49-801
  • Contract: A legal written agreement that becomes binding when signed.
  • 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
  • Share account: shall mean a balance held by a credit union and established by a member in accordance with standards specified by the credit union, including balances designated as shares, share certificates, share draft accounts, or other names. See Nebraska Statutes 21-1722
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