Code · Arizona · Title 6 — Banks and Financial Institutions

6-551. Share accounts

87 words·~1 min read·/az/title-6/6-551

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. Share accounts shall be subscribed to and paid for in such manner as the board of directors prescribes. 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.

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.