A. The bylaws of a credit union may require the members to subscribe to and make payments on membership shares. B. Share accounts, membership shares and deposit accounts shall be subscribed to and paid for in such manner as the bylaws prescribe. C. The par value of shares and membership shares shall be as prescribed in the bylaws. D. Membership shares may not be pledged as security on any extension of credit. History: Laws 1987, ch. 311, § 39; 1997, ch. 195, § 27. ANNOTATIONSRepeals. — Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997. The 1997 amendment, effective July 1, 1997, substituted 'may' for 'shall' in Subsection A and substituted 'any extension of credit' for 'any loan' at the end of Subsection D.
New Mexico Legal Code