California · Financial Code
FIN §14861: No credit union shall issue shares to anyone not qualified for membership under its bylaws, except shares issued in coownership as provided in Section 14851.
What this law says, in plain English
Credit unions cannot issue shares to non-members except for co-ownership shares allowed under state law.
Read the full statutory text
No credit union shall issue shares to anyone not qualified for membership under its bylaws, except shares issued in coownership as provided in Section 14851.
Verify at the official source: California legislative text
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This page is legal information, not legal advice. Code text is sourced from official publications and may lag amendments — always confirm at the official source linked above. Plain-English summaries and relationship data are AI-derived and reviewed on an ongoing basis; verify with a licensed attorney before acting.