(a) The commissioner shall administer this chapter. (b) The commissioner may by regulation define the powers of credit unions formed under this chapter and adopt regulations to carry out the purposes of credit unions consistent with this chapter and AS 06.01.020. (c) The commissioner may delegate any authority, power, or function granted by this chapter. […]
(a) Seven or more natural persons who desire to form a credit union shall subscribe before an officer competent to administer oaths, articles of incorporation in duplicate that must state (1) the name of the credit union; (2) the location of the credit union and the territory in which it will operate; (3) the names […]
(a) The articles of incorporation shall be presented to the commissioner for approval. Before the certificate of authority is issued, the commissioner shall determine (1) whether the articles of incorporation and bylaws conform to the provisions of this chapter and to regulations of the commissioner; (2) the general character and fitness of the subscribers; and […]
(a) The commissioner shall assess a credit union a fee for expenses under AS 06.01.010 in processing an application (1) for approval of articles of incorporation and bylaws and the issuance of a certificate of authority for a credit union; (2) for the approval of a branch of a credit union; (3) for a merger […]
A credit union organized under this chapter is under the supervision of the commissioner and shall make an annual financial report to the commissioner and shall make other financial reports required by regulations adopted by the commissioner. A credit union is subject to examination by the commissioner.
(a) A credit union has succession in its corporate name during its existence and may (1) enter into a contract; (2) sue and be sued; (3) adopt, use, and alter a common seal; (4) purchase, hold, and dispose of property; (5) make loans, the maturities of which may not exceed 20 years except as provided […]
Credit union membership consists of the incorporators and other persons and incorporated and unincorporated organizations, to the extent permitted by regulations adopted by the commissioner, elected to membership. Each member shall subscribe to at least one share of the stock of the credit union and pay the initial installment on the stock and a uniform […]
The fiscal year of a credit union ends December 31. The annual meeting of a credit union shall be held within three months after the end of the fiscal year at a place its bylaws prescribe. Special meetings may be held under the bylaws. A member may not vote by proxy, but a member other […]
(a) The business affairs of a credit union are managed by (1) a board of not less than five directors; (2) a credit committee of not less than three members; and (3) a supervisory committee of not less than three members or more than five members. The members of the board of directors shall be […]
A member of the board of directors or of the credit or supervisory committees may not be compensated for service on the board of directors or credit or supervisory committees. Reasonable health, accident, and similar insurance protection is not compensation under this section and may be provided under regulations adopted by the commissioner.
(a) At its first meeting after the annual meeting of the members, the board of directors shall elect from its membership the executive officers of the credit union. (b) An executive officer, other than the treasurer, may not be compensated as an officer. (c) The offices of secretary and treasurer may be held by the […]
(a) The board of directors shall meet at least once a month and shall have the general direction and control of the business affairs of the credit union. Minutes of all meetings shall be kept. (b) The board of directors shall (1) act upon applications for membership; (2) require an officer or employee having custody […]
(a) The board of directors shall establish procedures for the review and approval of applications for membership in the credit union. (b) Each month the board of directors shall review a list of applications for membership acted on during the preceding month. (c) If an application for membership is denied, the reasons for the denial […]
(a) The credit committee shall hold meetings to consider applications for loans and lines of credit as the business of the credit union may require but not less frequently than once a month. Reasonable notice of the meetings shall be given to members of the credit committee. (b) Except for the loans or lines of […]
A loan may not be made to a member if, on the making of the loan, the member would be indebted to the credit union on loans from the credit union in an amount exceeding 10 percent of the unimpaired capital and surplus of the credit union.
For the purposes of loans made under this chapter, an assignment of shares or the endorsement of a note constitutes security, and, subject to regulations adopted by the commissioner, insurance obtained under Title 1 of the National Housing Act is adequate security.
(a) The supervisory committee shall conduct an annual audit of the accounts of the credit union and submit a report of the audit to the board of directors and a summary of the audit to the members at the next annual members meeting of the credit union. The supervisory committee may conduct supplementary audits as […]
(a) At the end of each accounting period the gross income of the credit union shall be determined. From this amount, there shall be set aside as a regular reserve against losses on loans and against other losses specified in regulations adopted by the commissioner under this chapter sums in accordance with the following schedule: […]
At intervals as the board of directors may authorize and after provision for required reserves, the board of directors may declare, under regulations adopted by the commissioner, a dividend to be paid at different rates on different types of shares and at different rates and maturity dates in the case of share certificates. Dividend credit […]
A member may be expelled by a two-thirds vote of the members of a credit union present at a special meeting called for the purpose, but only after the member has been given an opportunity to be heard. Withdrawal or expulsion of a member does not discharge the liability of the member to the credit […]
