MARVIN MANDEL, Governor

1837

The only other changes are in style.

With respect to the requirement in item (6)
that "other activities" be consistent with
"this subtitle," see, also, §6—327 of this
subtitle which provides that the credit union
must also comply with the applicable
provisions of Art. 11 of the Code.

6-308. CAPITAL.

(A)       GENERAL RULE.

THE CAPITAL OF A CREDIT UNION SHALL CONSIST OF THE
PAYMENTS BY MEMBERS FOR ITS SHARES.

(B)       PAR VALUE OF SHARES.

THE PAR VALUE OF THE SHARES OF A CREDIT UNION MAY
NOT EXCEED $10.

(C)   SUBSCRIPTION FOR SHARES.

(1)    A MEMBER OF A CREDIT UNION MAY SUBSCRIBE
AND PAY FOR SHARES AS PROVIDED IN THE BYLAWS.

(2)    SHARES MAY BE ISSUED AND DEPOSITS
RECEIVED IN THE NAME OF A MINOR AND IN TRUST AS PROVIDED
IN THE BYLAWS.

(D)   LIEN ON SHARES.

THE CREDIT UNION HAS A LIEN ON THE SHARES OF A
MEMBER AND ANY DIVIDENDS PAYABLE ON THOSE SHARES TO THE
EXTENT OF ANY:

(1)   OUTSTANDING LOAN, WHETHER OR NOT MATURED,
ON WHICH THE MEMBER IS LIABLE AS MAKER, CO-MAKER, SURETY,
OR ENDORSER; AND

(2)   DUES OR FINES PAYABLE BY THE MEMBER.

(E)   CANCELLATION OF SHARES.

IF A MEMBER OF THE CREDIT UNION RESIGNS OR IS
EXPELLED, THE CREDIT UNION MAY CANCEL HIS SHARES AND
APPLY THEIR WITHDRAWAL VALUE TO LIQUIDATION OF HIS
INDEBTEDNESS TO THE CREDIT UNION.

(F)   ENTRANCE AND TRANSFER FEES.

IF THE BYLAWS PROVIDE, A CREDIT UNION MAY CHARGE AN
ENTRANCE FEE AND TRANSFER FEE, NOT EXCEEDING 25 CENTS
EACH.