(1) A credit union may issue to members thereof shares in the credit union as provided by the rules thereof, and such shares may be either withdrawable or non-withdrawable.
(2) A credit union shall cause to be kept a record (which shall be called, and is in this Act referred to as, the register of shares) of the shares held by each member, and the register of shares shall contain the particulars mentioned in section 34 of the Principal Act.
(3) A credit union shall not issue to a member a certificate denoting ownership of a share.
(4) Subject to subsection (7) of this section, a share in a credit union may be subscribed and paid for in the manner provided by the rules of the union; provided that all shares must be of one pound nominal value and that no share shall be allotted to a member until he has paid therefor in cash in full without any premium or discount.
(a) All withdrawable shares in a credit union shall have equal rights.