(a) The capital of a credit union consists of the payments made by members on shares, undivided surplus, and reserves.
(b) Shares may be subscribed to, paid for and transferred in such manner as the bylaws prescribe.
(c) A certificate need not be issued to denote ownership of a share in a credit union. (1915, c. 115, s. 13; C.S., s. 5226; 1925, c. 73, s. 3; 1935, c. 87; 1965, c. 956, ss. 16, 17; 1975, c. 538, s. 1.)