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Office of the Revisor of Statutes

The capital of a credit union includes shares, share certificates, any special class of shares,
undivided earnings, reserves, member investment shares, nonmember subordinated debt, member
paid-in capital, and any entrance or membership fees. The credit union shall have a lien on the
shares and deposits of a member for any sum due to the credit union from the member, or for any
loan endorsed by that member. In addition to any other statutory right of setoff or lien and subject
to any contractual provision, if any party to an account is indebted to a credit union, the credit
union has a right to setoff against any account in which the party has or had immediately before
death a present right of withdrawal. A credit union may, at its discretion, charge an entrance or
annual membership fee if authorized by the bylaws.
History: (7774-12) 1925 c 206 s 12; 1971 c 154 s 7; 1984 c 512 s 5; 1986 c 444; 1993 c
257 s 32; 2002 c 339 s 8

Official Publication of the State of Minnesota
Revisor of Statutes