HRS §412:10-301
How credit union shares and membership shares work
This section explains how credit union shares and membership shares are set up. The credit union's bylaws decide how you pay for them and their value. You cannot take out a membership share unless you leave the credit union. The credit union can also limit how many shares you can own, but the limit must be the same for everyone.
borrowers
The statute, as written — Share accounts and membership shares
(a) Share accounts and membership shares (if any) shall be subscribed to and paid for in such manner as the bylaws prescribe. (b) A credit union may require its members to subscribe to and make payments on membership shares. (c) The par value of shares and membership shares shall be prescribed in the bylaws. (d) A membership share may not be redeemed or withdrawn except upon termination of membership in the credit union. (e) A credit union may limit the number of shares which may be owned by a member, but any such limit shall apply alike to all members.
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