Share capital and limitation on shareholding

(1) A credit union shall have an unlimited number of shares. Credit Unions Act 37 (2) A credit union with a share capital may sell shares to its members only as common shares, which shall represent the member’s permanent capital in the credit union; but such shares shall have their par value set out in the by-laws of the credit union at not less than five dollars each. (3) A share in a credit union is personal property and a member is entitled to an annual statement showing the number of shares owned. (4) A member shall receive dividends only on the paid-up portion of the member’s shares. (5) A member shall not hold more than twenty per cent (20%) of the shares of the credit union of which he is a member.