This law states that credit unions in California don't need to follow the typical rules for selling securities when it comes to selling membership shares or similar securities. As long as they comply with the relevant rules and regulations for credit unions, they don't have to file certain certificates with the Secretary of State.

This law outlines the conditions under which a credit union in California can issue shares. Shares can be issued to members, certain government employees acting in their official roles, other credit unions, and coowned accounts (like joint tenancy). However, nonmembers who coown shares with members do not get member privileges like voting or loans. When shares are coowned, the certificate must state that transferring the shares doesn’t transfer voting rights or other member privileges. Shares can also be transferred to government agencies designated by members as surety deposits. Additionally, credit unions with a low-income designation can issue shares to nonmembers, but this cannot exceed 20% of their capital and surplus unless approved by the commissioner.

This law allows credit unions to charge a reasonable fee when transferring ownership of their shares.

This law allows credit unions to issue accounts, shares, or certificates to minors of any age. Minors can make deposits and are also allowed to withdraw, transfer, or use the money as they wish, just like adults. Any payment by the credit union to the minor, whether dividends or interest, is considered final and releases the credit union from any further obligations regarding that payment.

This law allows credit unions to take money from members, pool those funds together for loans, and issue official certificates acknowledging the money received. These certificates must clearly state the date, amount, interest rate, and details about when both the principal and interest need to be paid back.

This law allows credit unions to place a claim on the shares and dividends of their members to cover any debts or payments the member owes to the credit union. This means if a member owes money, the credit union can use the member's shares or dividends to settle those debts.

This law allows a credit union to cancel the shares of a member if they leave or are kicked out. The credit union can then use the value of those shares to pay off any amount the member owes to the credit union.

This law requires credit unions to obtain insurance for their members' deposits. They can either get federal insurance under the Federal Credit Union Act or another type of insurance approved by the state's commissioner. Credit unions must abide by all necessary obligations to secure and maintain this insurance as long as it doesn't conflict with California laws.

This law outlines the conditions under which credit unions in California can act as trustees or custodians for certain types of trust accounts, such as those related to pension, education, or medical plans. Typically, credit unions can't exercise trust powers unless they qualify as a trust company, but this statute provides exceptions. Credit unions can manage trust funds for plans offering specific tax benefits but must keep records and maintain funds according to relevant regulations. The law also permits credit unions to issue shares in trusts, with specific rules depending on whether the trust is revocable or irrevocable. Further, trusts must allow for appointing a successor trustee if the credit union can no longer serve in that role.

This law states that credit unions can only issue shares to people who qualify for membership according to their rules. The only exception is if shares are issued in coownership, as outlined in another section.

This law ensures that credit unions cannot charge fees to members or depositors who hold certain types of savings accounts, called 'periodic certificates for funds,' if they fail to make a scheduled deposit or if they deposit late.

Furthermore, the credit union must pay the same interest rate on these accounts as it would on accounts where regular deposits are made as scheduled.

A 'periodic certificate for funds' refers to an account where the member agrees to regularly deposit a certain amount, but it does not include accounts set up to pay taxes or expenses related to a mortgage.

In this section, when a credit union gives shares to its members, those shares are shown in monetary value rather than a specific number of shares. The member's shares are also called a 'share account.' There is no maximum limit to the number of shares a credit union can issue.

When you have shares in a credit union, you get a document like a certificate, passbook, or statement to prove it. However, these shares are not considered 'investment securities' under specific rules in the Commercial Code.

This section explains how shares and funds can be withdrawn from a credit union. It states that the board of directors will set written procedures for withdrawal and can decide on notice requirements for withdrawing or transferring funds, unless the law requires otherwise.

It also clarifies that, unless a written agreement says differently, the rules about withdrawing or transferring items at a credit union are the same as those for banks, as outlined in certain parts of the Commercial Code.

This law section defines certain terms and requirements related to Totten trust accounts. A 'beneficiary' is defined as in another part of the Probate Code, and a 'Totten trust account' is also defined elsewhere. Importantly, when setting up a Totten trust account, the agreement must include the current address of each beneficiary.

This law explains how credit unions in California can run promotions that reward people with chances to win prizes when they save money. A 'qualifying account' is one that allows participation in these contests, while 'nonqualifying accounts' do not. To join the promotion, participants cannot be charged any fees or need to pay to enter. The rules must ensure everyone has an equal shot at winning, and participants don’t need to be present when prizes are drawn. Depositing a certain amount to enter does not count as paying a fee, so long as interest rates are not lowered in qualifying accounts compared to others. These promotions aren’t considered illegal lotteries.