Illinois General Assembly - Illinois Compiled Statutes

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205 ILCS 305/37

(205 ILCS 305/37) (from Ch. 17, par. 4438)

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.

(Source: P.A. 97-133, eff. 1-1-12.)