Shares issued by a credit union to a member shall be evidenced in monetary amounts rather than by numbers of shares. The shares owned by a member also may be referred to as a “share account”. There shall be no limit to the amount of shares which a credit union may issue.
Cal. Fin. Code § 14865
General
Known as the California Credit Union Law
The act spans §§ 14000 to 16906 (329 sections).
Added by Stats. 1980, Ch. 321, Sec. 14.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.