California Financial Code ARTICLE 1 - General

• Section 14850.
  The Corporate Securities Law relating to the necessity of qualification of the sale of securities does not apply to the sale and issue of membership...
• Section 14851.
  (a) Every credit union may issue shares (1) to any member qualified pursuant to the credit union’s bylaws; (2) to an officer, employee, or agent of...
• Section 14852.
  Every credit union may charge a reasonable fee for the transfer of its shares.(Repealed and added by Stats. 1979, Ch. 112.)
• Section 14853.
  A credit union may issue shares or certificates for funds to a minor of any age or maintain any other account authorized for credit union...
• Section 14854.
  Subject to Section 14860, a credit union share account that is a multiple-party account, as defined in Section 5132 of the Probate Code, is governed...
• Section 14855.
  Every credit union may receive money and accumulate funds to be loaned and execute certificates for funds for the money received. The certificates for funds...
• Section 14856.
  Every credit union may impress a lien upon the shares and dividends of any member to the extent of any obligations entered into with that...
• Section 14857.
  Every credit union may cancel the shares of any member who withdraws or is expelled, and apply the value of the shares to the liquidation...
• Section 14858.
  Every credit union shall apply for and obtain insurance as provided for by Title II of the Federal Credit Union Act (12 U.S.C. Sec. 1781...
• Section 14860.
  Except as provided in this section and Part 2 (commencing with Section 5100) of Division 5 of the Probate Code, no credit union shall exercise...
• Section 14861.
  No credit union shall issue shares to anyone not qualified for membership under its bylaws, except shares issued in coownership as provided in Section 14851.(Amended...
• Section 14862.
  The board of directors shall establish from time to time a written savings capital structure policy which shall set out the various terms and conditions...
• Section 14863.
  (a) A credit union shall not impose any charge on a member or depositor holding a periodic certificate for funds for the failure of such member...
• Section 14865.
  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...
• Section 14866.
  The evidence of credit union shares issued shall be a certificate, a passbook, a statement or other evidence approved by regulation of the commissioner. The...
• Section 14867.
  (a) Shares, including special shares, and certificates for funds may be withdrawn for payment to the owner or for any third party, in the manner and...
• Section 14868.
  (a) As used in this section:(1) “Beneficiary” has the meaning given that term in Section 5126 of the Probate Code.(2) “Totten trust account” has the meaning given that...

Last modified: October 22, 2018