125.002 – SHARE ACCOUNT. (a) Shares and membership shares
Texas Finance Code § 125.002
Summary
This law governs how shares and membership shares in a credit union are subscribed and paid for, ensuring equal treatment among members. It allows credit unions to set limits on share ownership and outlines that membership shares cannot be used as loan collateral.
Shares must be subscribed and paid for per bylaws.
Limits on share ownership must apply equally to all members.
Membership shares cannot be pledged as loan security.
Frequently Asked Questions
Why Attorneys Choose FlawFinder
Side-by-side with Westlaw and LexisNexis
Feature
FlawFinder
Westlaw
LexisNexis
Monthly price
$19 - $99
$133 - $646
$153 - $399
Contract
None
1-3 year min
1-6 year min
Hidden fees
$0, always
Up to $469/search
$25/mo + per-doc
Police SOPs
✓ 310+ departments
✗
✗
Zero-hallucination AI
✓ CitationGuard
✗
✗
Cancel
One click
Termination fees
No option to cancel
Explain Like I'm 5
In simple terms: Learn about Texas's SHARE ACCOUNT. (a) Shares and membership shares law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
FlawFinder provides legal information, not legal advice. Consult a licensed attorney for specific legal guidance.