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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-9-25

A credit union’s capital is unlimited; members must buy at least one share and pay the initial installment, and the share par value must be paid within six months.

Source excerpt

account closureaccount dormancyboard governancebylawscapitalcapital contributioncredit union capitalcredit union sharescredit unionsdividends and interestdormant accountsfinancial limitsinstallment paymentmembershipnoticepaymentshare par valueshare subscriptionsharesunclaimed shares
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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01

Purpose and legislative effect

“A credit union’s capital is unlimited; members must buy at least one share and pay the initial installment, and the share par value must be paid within six months.”

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02

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Subsection 7-9-25(2)

Credit union shares may be subscribed and paid for in cash or an equivalent, as the bylaws prescribe.

Section 7-9-25(2)

Subsection 7-9-25(3)

A credit union’s board of directors determines each share’s par value, and it must be in $5 multiples under the bylaws.

Section 7-9-25(3)

Subsection 7-9-25(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

Section 7-9-25(5)

Subsection 7-9-25(6)

A credit union may close a dormant or presumed abandoned member account and move its credits to unclaimed shares, but must first mail the member a written notice. After the transfer, it may not pay dividends or interest on the account u…

Section 7-9-25(6)

04

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In force source record

Source record from le.utah.gov · Legal dates not recorded

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Showing 7 of 7 provisions

Provision 7
§ 7-9-25Shares -- Number unlimited -- Subscription and payment -- Par value -- Ownership required for membership -- Dormant accounts.Provision

Source excerpt

A credit union’s capital is unlimited; members must buy at least one share and pay the initial installment, and the share par value must be paid within six months.

Shares -- Number unlimited -- Subscription and payment -- Par value -- Ownership required for membership -- Dormant accounts. The capital of the credit union shall be unlimited in amount. Shares of the credit union may be subscribed and paid for in cash or its equivalent in a manner prescribed in the bylaws. 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. 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. 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. When a member's account becomes dormant or is reasonably presumed to be dormant and abandoned, as provided in Chapter 1, General Provisions , 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.
Section 7-9-25Verify source
§ 7-9-25(1)Subsection 7-9-25(1)Provision

Source excerpt

A credit union’s capital is unlimited in amount.

The capital of the credit union shall be unlimited in amount.
Section 7-9-25(1)Verify source
§ 7-9-25(2)Subsection 7-9-25(2)Provision

Source excerpt

Credit union shares may be subscribed and paid for in cash or an equivalent, as the bylaws prescribe.

Shares of the credit union may be subscribed and paid for in cash or its equivalent in a manner prescribed in the bylaws.
Section 7-9-25(2)Verify source
§ 7-9-25(3)Subsection 7-9-25(3)Provision

Source excerpt

A credit union’s board of directors determines each share’s par value, and it must be in $5 multiples under the bylaws.

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.
Section 7-9-25(3)Verify source
§ 7-9-25(4)Subsection 7-9-25(4)Provision

Source excerpt

Each credit union member must subscribe for at least one share and pay the initial installment. The share’s par value must be paid within six months.

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.
Section 7-9-25(4)Verify source
§ 7-9-25(5)Subsection 7-9-25(5)Provision

Source excerpt

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

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.
Section 7-9-25(5)Verify source
§ 7-9-25(6)Subsection 7-9-25(6)Provision

Source excerpt

A credit union may close a dormant or presumed abandoned member account and move its credits to unclaimed shares, but must first mail the member a written notice. After the transfer, it may not pay dividends or interest on the account until the funds escheat to Utah.

When a member's account becomes dormant or is reasonably presumed to be dormant and abandoned, as provided in Chapter 1, General Provisions , 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.
Section 7-9-25(6)Verify source

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