{"id":3849,"date":"2022-05-14T14:19:16","date_gmt":"2022-05-14T14:19:16","guid":{"rendered":"https:\/\/crowdsourcelawyers.com\/california-statutes\/?page_id=3849"},"modified":"2022-05-20T23:46:25","modified_gmt":"2022-05-20T23:46:25","slug":"financial-code-fin-14851","status":"publish","type":"page","link":"https:\/\/crowdsourcelawyers.com\/california-statutes\/california-statutes\/financial-code-fin-14851\/","title":{"rendered":"Financial Code &#8211; FIN 14851"},"content":{"rendered":"\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-l35yeu1l-75122d8360dc4442ba25183a05486c88\">\n#top .av-special-heading.av-l35yeu1l-75122d8360dc4442ba25183a05486c88{\npadding-bottom:10px;\n}\nbody .av-special-heading.av-l35yeu1l-75122d8360dc4442ba25183a05486c88 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-l35yeu1l-75122d8360dc4442ba25183a05486c88 .av-subheading{\nfont-size:22px;\n}\n<\/style>\n<div  class='av-special-heading av-l35yeu1l-75122d8360dc4442ba25183a05486c88 av-special-heading-h1 blockquote modern-quote  avia-builder-el-0  el_before_av_hr  avia-builder-el-first '><div class='av-subheading av-subheading_above'><p>California<\/p>\n<\/div><h1 class='av-special-heading-tag '  itemprop=\"headline\"  >Financial Code &#8211; FIN \u00a7 14851<\/h1><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_hr-3a876428eececa9d35452247ddb053af\">\n#top .hr.hr-invisible.av-av_hr-3a876428eececa9d35452247ddb053af{\nheight:50px;\n}\n<\/style>\n<div  class='hr av-av_hr-3a876428eececa9d35452247ddb053af hr-invisible  avia-builder-el-1  el_after_av_heading  el_before_av_textblock '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n<section  class='av_textblock_section av-av_textblock-e878f05c31dff72941bf1e49a00d9ff5 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p><a href=\"https:\/\/crowdsourcelawyers.com\/\">CrowdSourceLawyers.com<\/a><\/p>\n<\/div><\/section>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-avia_sc_search-4ee94ae86cde3b232e718bb4ac84e6ad\">\n#top .avia_search_element.av-avia_sc_search-4ee94ae86cde3b232e718bb4ac84e6ad .av_searchform_wrapper{\nborder-color:#edae44;\nbackground-color:#edae44;\n}\n#top .avia_search_element.av-avia_sc_search-4ee94ae86cde3b232e718bb4ac84e6ad #s.av-input-field{\ncolor:#edae44;\n}\n#top .avia_search_element.av-avia_sc_search-4ee94ae86cde3b232e718bb4ac84e6ad .av-input-field-icon.av-search-icon{\ncolor:#edae44;\n}\n#top .avia_search_element.av-avia_sc_search-4ee94ae86cde3b232e718bb4ac84e6ad .av-input-field-icon.av-search-icon.avia-svg-icon svg:first-child{\nfill:#edae44;\nstroke:#edae44;\n}\n#top .avia_search_element.av-avia_sc_search-4ee94ae86cde3b232e718bb4ac84e6ad #searchsubmit{\nbackground-color:#edae44;\n}\n#top .avia_search_element.av-avia_sc_search-4ee94ae86cde3b232e718bb4ac84e6ad .av_searchsubmit_wrapper{\nbackground-color:#edae44;\n}\n<\/style>\n<div  class='avia_search_element av-avia_sc_search-4ee94ae86cde3b232e718bb4ac84e6ad  avia-builder-el-3  el_after_av_textblock  el_before_av_hr '><search><form action='https:\/\/crowdsourcelawyers.com\/california-statutes\/' id='searchform_element' method='get' class='' data-element_id='av-avia_sc_search-4ee94ae86cde3b232e718bb4ac84e6ad' ><div class='av_searchform_wrapper'><input type='search' value='' id='s' name='s' placeholder='Search CA statutes' aria-label='Search CA statutes' class='av-input-field ' required \/><div class='av_searchsubmit_wrapper '><input type='submit' value='Find' id='searchsubmit' class='button ' title='View results on search page' aria-label='View results on search page' \/><\/div><input type='hidden' name='numberposts' value='10' \/><input type='hidden' name='results_hide_fields' value='' \/><\/div><\/form><\/search><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_hr-3a876428eececa9d35452247ddb053af\">\n#top .hr.hr-invisible.av-av_hr-3a876428eececa9d35452247ddb053af{\nheight:50px;\n}\n<\/style>\n<div  class='hr av-av_hr-3a876428eececa9d35452247ddb053af hr-invisible  avia-builder-el-4  el_after_avia_sc_search  el_before_av_textblock '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n<section  class='av_textblock_section av-l35yfhpj-ccd49ae6ae0e39658234bc8bbbb0a92e '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><div class=\"row\">\n<div class=\"subsection\"><\/div>\n<div class=\"subsection\">\n<div class=\"subsection\">\n<p>(a)\u2002Every credit union may issue shares\u00a0<span class=\"added-material\">(1)<\/span>\u00a0to any member qualified pursuant to the credit union&#8217;s bylaws<span class=\"added-material\">; \u2009(2)<\/span>\u00a0to an officer, employee, or agent of nonmember units of federal, Indian tribal, state, or local governments, and political subdivisions thereof when acting in his or her official capacity<span class=\"added-material\">; \u2009and (3)<\/span>\u00a0in coownership to a member and any person designated by\u00a0<span class=\"added-material\">the<\/span>\u00a0member. \u2002Coownership, as used herein, includes<span class=\"added-material\">,<\/span>\u00a0but is not limited to, joint tenancy, tenancy in common<span class=\"added-material\">,<\/span>\u00a0or community property forms of ownership. \u2002No membership privilege, including voting and obtaining a loan, may be made available to any nonmember as a result of ownership of shares solely as coowner of shares with a member, and any certificate or other evidence of shares which may be issued, shall contain the words \u201cNo transfer of voting rights or other membership privilege is permitted by virtue of transfer of shares.\u201d \u2002Shares may be transferred to a public agency lawfully entitled to receive\u00a0<span class=\"added-material\">the shares<\/span>\u00a0when designated by a member as assignee of an account pledged as a surety deposit to\u00a0<span class=\"added-material\">the<\/span>\u00a0public agency by\u00a0<span class=\"added-material\">the<\/span>\u00a0member.<\/p>\n<\/div>\n<div class=\"subsection\">\n<p><span class=\"added-material\">(b)\u2002A credit union that has a low-income designation pursuant to Section 701.34 of the regulations of the National Credit Union Administration (<span class=\"cite\">\u00a012 C.F.R. Sec. 701.34\u00a0<\/span>) may issue shares to nonmembers. \u2002Except with the written approval of the commissioner, the total number of shares issued by the credit union to nonmembers pursuant to this subdivision shall not exceed 20 percent of the unimpaired capital and surplus of the credit union.<\/span><\/p>\n<\/div>\n<p><br class=\"avia-permanent-lb\" \/><br class=\"avia-permanent-lb\" \/><\/p>\n<\/div>\n<\/div>\n<hr \/>\n<p><a href=\"https:\/\/crowdsourcelawyers.com\/\">CrowdSourceLawyers.com<\/a><\/p>\n<\/div><\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":9,"featured_media":0,"parent":2019,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-3849","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Financial Code - FIN 14851 - California Statutes<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/crowdsourcelawyers.com\/california-statutes\/california-statutes\/financial-code-fin-14851\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Financial Code - FIN 14851 - California Statutes\" \/>\n<meta property=\"og:url\" content=\"https:\/\/crowdsourcelawyers.com\/california-statutes\/california-statutes\/financial-code-fin-14851\/\" \/>\n<meta property=\"og:site_name\" content=\"California Statutes\" \/>\n<meta property=\"article:modified_time\" content=\"2022-05-20T23:46:25+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/crowdsourcelawyers.com\\\/california-statutes\\\/california-statutes\\\/financial-code-fin-14851\\\/\",\"url\":\"https:\\\/\\\/crowdsourcelawyers.com\\\/california-statutes\\\/california-statutes\\\/financial-code-fin-14851\\\/\",\"name\":\"Financial Code - FIN 14851 - California Statutes\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/crowdsourcelawyers.com\\\/california-statutes\\\/#website\"},\"datePublished\":\"2022-05-14T14:19:16+00:00\",\"dateModified\":\"2022-05-20T23:46:25+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/crowdsourcelawyers.com\\\/california-statutes\\\/california-statutes\\\/financial-code-fin-14851\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/crowdsourcelawyers.com\\\/california-statutes\\\/california-statutes\\\/financial-code-fin-14851\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/crowdsourcelawyers.com\\\/california-statutes\\\/california-statutes\\\/financial-code-fin-14851\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/crowdsourcelawyers.com\\\/california-statutes\\\/california-statutes\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"California Statutes\",\"item\":\"https:\\\/\\\/crowdsourcelawyers.com\\\/california-statutes\\\/california-statutes\\\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Financial Code &#8211; 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