Pennsylvania § 505 - Capital and shares.
Full text of Pennsylvania Pennsylvania Consolidated Statutes § 505 — Capital and shares., with citation guidance and answers to common questions.
§ 505. Capital and shares.
(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).
Source: official Pennsylvania text · Last verified 2026-08-27
Frequently Asked Questions About Pennsylvania § 505
What does Pennsylvania Consolidated Statutes § 505 cover?
Section 505 ("Capital and shares.") is part of the Pennsylvania Consolidated Statutes, the codified statutory law of Pennsylvania. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Pennsylvania § 505?
A common citation format is "Pennsylvania Consolidated Statutes § 505" (Pennsylvania). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Pennsylvania law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Pennsylvania official source linked on this page or consult a licensed Pennsylvania attorney.
How does Pennsylvania § 505 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Pennsylvania can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Pennsylvania.