7-9-25. Shares -- Number unlimited -- Subscription and payment -- Par value --
Ownership required for membership -- Dormant accounts.
(1) The capital of the credit union shall be unlimited in amount.
(2) Shares of the credit union may be subscribed and paid for in cash or its equivalent in a
manner prescribed in the bylaws.
(3) The par value of each share of a credit union shall be determined by the board of
directors in multiples of $5 as prescribed in the bylaws.
(4) Each member of the credit union shall subscribe to at least one share and pay the
initial installment thereon. The par value of the share shall be paid for within six months.
(5) The board of directors may close a member's account when the share par value is not
paid within the required period or the par value is not maintained. Notice in writing shall be
mailed to the member at the last known address and shall contain a statement that the member
may increase payment or voluntarily close the account within 60 days of receipt of the notice.
(6) When a member's account becomes dormant or is reasonably presumed to be dormant
and abandoned, as provided in Chapter 1, the credit union by resolution of the board of directors
may close the account and transfer the credits of the account to an account for unclaimed shares.
Thereafter the credit union may not pay dividends or interest on the account, as provided in the
bylaws, until the funds in the account escheat to the state of Utah. Prior to transferring the
member's dormant and abandoned account to the credit union unclaimed shares account, the credit
union shall mail a written notice to the member at the member's last known address stating that
this action will be taken within 30 days of the date of the notice.
Amended by Chapter 8, 1983 General Session
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Last revised: Thursday, May 28, 2009