CHAPTER 6. Share Accounts and Certificates for Funds [14850. - 14905.]

Chapter 6 added by Stats. 1979, Ch. 112.

§§ 14850–14905 · 21 sections

1. ARTICLE 1. General §§ 14850–14870 · 17 sections

   • § 14850 The Corporate Securities Law relating to the necessity of qualification of the sale of securities does not apply to the sale and issue of membership shares,…
   • § 14851 (a) A credit union may issue shares as follows: (1) To a member qualified pursuant to the credit union’s bylaws. (2) To an officer, employee, or agent of…
   • § 14852 Every credit union may charge a reasonable fee for the transfer of its shares.
   • § 14853 A credit union may issue shares or certificates for funds to a minor of any age or maintain any other account authorized for credit union members for a minor,…
   • § 14854 Subject to Section 14860, a credit union share account that is a multiple-party account, as defined in Section 5132 of the Probate Code, is governed by Part 2…
   • § 14855 Every credit union may receive money and accumulate funds to be loaned and execute certificates for funds for the money received. The certificates for funds…
   • § 14856 Every credit union may impress a lien upon the shares and dividends of any member to the extent of any obligations entered into with that member and for any…
   • § 14857 Every credit union may cancel the shares of any member who withdraws or is expelled, and apply the value of the shares to the liquidation of the member’s…
   • § 14858 Every credit union shall apply for and obtain insurance as provided for by Title II of the Federal Credit Union Act (12 U.S.C. Sec. 1781 and following), or…
   • § 14860 Except as provided in this section and Part 2 (commencing with Section 5100) of Division 5 of the Probate Code, no credit union shall exercise trust powers…
   • § 14861 No credit union shall issue shares to anyone not qualified for membership under its bylaws, except shares issued in coownership as provided in Section 14851.
   • § 14863 (a) A credit union shall not impose any charge on a member or depositor holding a periodic certificate for funds for the failure of such member or depositor to…
   • § 14865 Shares issued by a credit union to a member shall be evidenced in monetary amounts rather than by numbers of shares. The shares owned by a member also may be…
   • § 14866 The evidence of credit union shares issued shall be a certificate, a passbook, a statement or other evidence approved by regulation of the commissioner. The…
   • § 14867 (a) Shares, including special shares, and certificates for funds may be withdrawn for payment to the owner or for any third party, in the manner and in…
   • § 14868 (a) As used in this section: (1) “Beneficiary” has the meaning given that term in Section 5126 of the Probate Code. (2) “Totten trust account” has the meaning…
   • § 14870 (a) For purposes of this section, the following definitions apply: (1) “Nonqualifying account” means a deposit account, other than a demand deposit account,…
2. ARTICLE 2. Dividends §§ 14900–14905 · 4 sections

   • § 14900 Dividends need not be paid on a share account having less than the minimum balance prescribed in the bylaws.
   • § 14901 The rates of dividends and terms of payment may be established in advance by action of the board of directors. However, nothing in this section shall be…
   • § 14902 The directors of any credit union may, for the dividend period, declare dividends from its undivided profits as provided by law, but no credit union shall…
   • § 14905 Amounts paid or credited by a credit union to its members or depositors on or before the 30th day after the close of its income year shall be deemed for all…