Sec. 06.45.310. Transfer of credit union’s property to preferred creditor is void.
The transfer of property, money, or assets by a credit union after it becomes insolvent, to prefer one creditor over another, or to prevent the equal distribution of its property and assets among its creditors is void.
Sec. 06.45.340. Limitations on credit unions.
A credit union may not acquire control directly or indirectly of another financial institution or invest in shares, stocks, or obligations of an insurance company, trade association, liquidity facility, or any other similar organization, corporation, or association except as expressly provided by this chapter.
Sec. 06.45.400. Definitions.
In this chapter, (1) “commissioner” means the commissioner of commerce, community, and economic development; (2) “credit union” means a cooperative association organized in accordance with the provisions of this chapter for the purpose of promoting thrift among its members and creating a source of credit for provident or productive purposes; (3) “credit union association” means […]
Sec. 06.45.210. Minors or trusts.
Shares of a credit union may be issued in the name of a minor or in trust, subject to conditions prescribed by the bylaws. When shares are issued in trust, the name of the beneficiary shall be disclosed to the credit union.
Sec. 06.45.060. Powers of a credit union; remedy for interest violations.
(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 […]
Sec. 06.45.070. Membership.
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 […]
Sec. 06.45.080. Meetings of members.
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 […]
Sec. 06.45.090. Management of credit union.
(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 […]
Sec. 06.45.100. Compensation.
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.
Sec. 06.45.110. Executive officers.
(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 […]