Every association shall have power pursuant to its by-laws to charge and collect a transfer fee not exceeding ten cents on each share or investment certificate, all of which fees shall be accounted for by the association like other funds of the association. No other fee, charge or deduction of principal shall ever be made or permitted to be made against any shareholder or certificate holder or against any of his shares or certificates hereafter issued or the dues paid in thereon, for the purpose of creating a fund to be used in the payment of running expense.

SOURCE: GC § 41401.