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Form a Business

Capital; Lien on Shares and Deposits of Members; Entrance Fee.

Ala. Code § 5-17-14
in effect
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5-17-14. Capital; Lien on Shares and Deposits of Members; Entrance Fee. The capital of a credit union shall consist of the payments that have been made to it by the several members thereof on shares. The credit union shall have a lien on the shares and deposits of a member for any sum due to the credit union from said member or for any loan endorsed by him. A credit union may charge an entrance fee as may be fixed by the bylaws; provided, that such entrance fee shall not exceed $1.00. (Acts 1927, No. 597, p. 696; Code 1940, T. 28, §293; Acts 1971, No. 2300, p. 3711.)
Source: Alabama Legislature (alison.legislature.state.al.us)URL: https://alison.legislature.state.al.us/code-of-alabama#5-17-14Fetched: 10/20/2026

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