The capital of a credit union shall consist of the payments that have been made to it by the several members thereof on shares. The credit union shall have a lien on the shares and deposits of a member for any sum due to the credit union from said member or for any loan endorsed by him. A credit union may charge an entrance fee as may be fixed by the bylaws; provided, that such entrance fee shall not exceed $1.00.
Ala. Code § 5-17-14
Capital; Lien on Shares and Deposits of Members; Entrance Fee.
Applied in 5 court decisions — leading case Patterson Bf Goodrich Employees Federal Credit Union v. C Patterson L C
Most recently applied in In Re Patterson (July 1992)
(Acts 1927, No. 597, p. 696; Code 1940, T. 28, §293; Acts 1971, No. 2300, p. 3711.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.