Sec. 37. Shares and classes of shares.
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/il/chapter-205/act-305/37A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 37. Shares and classes of shares.
(1)The capital of a credit union shall consist of the payments made by members for shares of the credit union.
(2)Shares may be subscribed to, paid for and transferred in such manner as the bylaws prescribe.
(3)The board of directors may establish different classes of share accounts classified in relation to different rights, restrictions and dividend rates.
(4)A certificate, passbook, periodic statement of account or other written evidence of ownership shall be issued to denote ownership of shares in a credit union.