A. Share accounts shall be subscribed to and paid for in such manner as the bylaws prescribe. A credit union may require its members to subscribe to and make payments on membership shares. Membership shares may not be pledged as security on any loan.

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Terms Used In Arizona Laws 6-551

  • Credit union: means a cooperative nonprofit association that is incorporated under this chapter for the purposes of encouraging thrift among its members and creating a source of credit and other financial services at fair and reasonable cost. See Arizona Laws 6-501

B. The par value of any membership shares may differ from the par value of other shares.

C. A credit union may limit the amount in share accounts and deposit accounts and any such limit must apply to all account holders.

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