# 17 Pa.C.S. § 505: Capital and shares

> Pennsylvania · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_PA_T17_C5_S505

## Section

- **Citation:** 17 Pa.C.S. § 505
- **Heading:** Capital and shares
- **Jurisdiction:** Pennsylvania
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** PA Code / Title 17 / Chapter 5 / Section 505

## Text

(a) General rule.--The capital of a credit union shall consist of the payments that have been made to it on shares.

(b) Automatic lien.--The credit union shall have an automatic lien on the shares or share certificates of a member for any sum due it from such member or for any loan endorsed by him.

(c) Share transfer restriction.--Shares of a credit union shall be transferable only to other members of the credit union.

(d) Share insurance required.--The shares representing the savings of members shall be insured in such amounts as provided by the National Credit Union Administration or other share insurance fund approved by the department to insure the shares of credit unions. A credit union that has not obtained share account insurance from the National Credit Union Administration or other share insurance fund approved by the department may not, without the prior written approval of the department, accept payments from its members for the purchase of shares. (Dec. 9, 2002, P.L.1572, No.207, eff. 60 days) 2002 Amendment. Act 207 amended subsec. (d).

## Nearby sections

- [17 Pa.C.S. § 501 Powers.](https://www.frixlaw.com/law-library/statutes/STATE_PA_T17_C5_S501.md)
- [17 Pa.C.S. § 502 Powers of central or corporate credit unions.](https://www.frixlaw.com/law-library/statutes/STATE_PA_T17_C5_S502.md)
- [17 Pa.C.S. § 503 Regulation by department.](https://www.frixlaw.com/law-library/statutes/STATE_PA_T17_C5_S503.md)
- [17 Pa.C.S. § 504 Fiscal year.](https://www.frixlaw.com/law-library/statutes/STATE_PA_T17_C5_S504.md)
- [17 Pa.C.S. § 505 Capital and shares.](https://www.frixlaw.com/law-library/statutes/STATE_PA_T17_C5_S505.md)
- [17 Pa.C.S. § 506 Joint accounts.](https://www.frixlaw.com/law-library/statutes/STATE_PA_T17_C5_S506.md)
- [17 Pa.C.S. § 507 Minority and trust accounts.](https://www.frixlaw.com/law-library/statutes/STATE_PA_T17_C5_S507.md)
- [17 Pa.C.S. § 508 Estate accounts.](https://www.frixlaw.com/law-library/statutes/STATE_PA_T17_C5_S508.md)
- [17 Pa.C.S. § 509 Fees and charges.](https://www.frixlaw.com/law-library/statutes/STATE_PA_T17_C5_S509.md)
- [17 Pa.C.S. § 510 Loan interest.](https://www.frixlaw.com/law-library/statutes/STATE_PA_T17_C5_S510.md)
- [17 Pa.C.S. § 511 Power to borrow.](https://www.frixlaw.com/law-library/statutes/STATE_PA_T17_C5_S511.md)
- [17 Pa.C.S. § 512 Loans.](https://www.frixlaw.com/law-library/statutes/STATE_PA_T17_C5_S512.md)
- [17 Pa.C.S. § 513 Reserves.](https://www.frixlaw.com/law-library/statutes/STATE_PA_T17_C5_S513.md)
- [17 Pa.C.S. § 514 Dividends.](https://www.frixlaw.com/law-library/statutes/STATE_PA_T17_C5_S514.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_PA_T17_C5_S505. Check the current official text before relying on it. Not legal advice.