Code of the District of Columbia

§ 26–506.01. Shares and membership shares.

(a) Shares and membership shares shall be subscribed to and paid for in the manner prescribed in the bylaws.

(b) The par value of shares and membership shares shall be as prescribed in the bylaws.

(c) Membership shares may not be pledged as security on any loan.

(d) A District credit union may limit the number of shares that may be owned by a single member.

(e) Shares may be subscribed to, paid for, and transferred in the manner prescribed in the bylaws.

(f) The board of directors may establish different classes of share accounts, classified in relation to different rights, restrictions, and dividend rates.

(g) Notwithstanding any other provision of law, funds deposited in a share account, share certificate, or any other program offered by the District credit union for the purpose of promoting consumer savings shall not constitute consideration or a thing of value for the purposes of a promotional contest or raffle under District law.