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2005 Vermont Code - § 2071. — Shares

§ 2071. Shares

(a) The capital of a credit union consists of the payments made by members on shares.

(b) Shares may be subscribed to, paid for and transferred in such manner as the bylaws prescribe.

(c) A certificate need not be issued to denote ownership of a share in a credit union.

(d) The credit union shall have a lien on the shares, share certificates, deposits, deposit certificates and accumulated dividends or interest of a member in his individual or joint account, for any sum past due the credit union from said member or for any loan endorsed by him. The credit union shall also have a right of immediate set-off with respect to every such account. The members of the credit union shall not be personally or individually liable for the payment of its debts. (Added 1967, No. 312 (Adj. Sess.), § 1, eff. March 22, 1968; amended 1975, No. 70, § 6; 1981, No. 192 (Adj. Sess.), § 2.)

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