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Capital and shares - 17 Pa. Cons. Stat. § 505

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     § 505.  Capital and shares.
        (a)  General rule.--The capital of a credit union shall
     consist of the payments that have been made to it on shares.
        (b)  Automatic lien.--The credit union shall have an
     automatic lien on the shares or share certificates of a member
     for any sum due it from such member or for any loan endorsed by
     him.
        (c)  Share transfer restriction.--Shares of a credit union
     shall be transferable only to other members of the credit union.
        (d)  Share insurance required.--The shares representing the
     savings of members shall be insured in such amounts as provided
     by the National Credit Union Administration or other share
     insurance fund approved by the department to insure the shares
     of credit unions. A credit union that has not obtained share
     account insurance from the National Credit Union Administration
     or other share insurance fund approved by the department may
     not, without the prior written approval of the department,
     accept payments from its members for the purchase of shares.
     (Dec. 9, 2002, P.L.1572, No.207, eff. 60 days)

        2002 Amendment.  Act 207 amended subsec. (d).

Last modified: November 27, 2007