North Dakota Code 6-06-16 – Entrance fee – Capital – Lien on shares – Assessment on shares
A credit union may charge such entrance fee as may be provided by its bylaws. Its capital consists of the entrance fees paid in and the payments made to it by the several members on shares therein. The credit union has a lien on the shares and deposits of a member for any sum due to the credit union from that member or for the amount due on any loan endorsed by that member. A credit union that is a member of the North Dakota credit union league may, by resolution adopted with a quorum present at a regular or special meeting of the board of directors of the credit union, annually assess against the share accounts of all members of the credit union an amount equal to the whole or proportionate part of the annual membership fee payable to the North Dakota credit union league.
Terms Used In North Dakota Code 6-06-16
- board: when used in this title includes the state banking board and the state credit union board. See North Dakota Code 6-01-03
- capital: as used in this title embraces the amount of outstanding capital notes and debentures legally issued by any banking institution. See North Dakota Code 6-03-42
- Credit union: means a cooperative, nonprofit association organized for the purposes of encouraging thrift among its members, creating a source of credit at a fair and reasonable rate of interest, and providing an opportunity for its members to improve their economic and social condition. See North Dakota Code 6-01-02
- Lien: A claim against real or personal property in satisfaction of a debt.
- Quorum: The number of legislators that must be present to do business.