Sec. 06.45.260. Liquidity facility participation.
A credit union organized under this chapter may, under regulations adopted by the commissioner, participate in the programs offered by the National Credit Union Central Liquidity Facility.
Sec. 06.45.270. Conflict of interest.
(a) A member of the board of directors or a member of the credit committee or supervisory committee or an employee of a credit union may not participate in the deliberation or the determination of a question affecting the person’s own pecuniary interest or the pecuniary interest of a corporation, partnership, or association in which […]
Sec. 06.45.280. Merger.
(a) A credit union may merge with another credit union under a plan agreed upon by a majority of the board of directors of each credit union and approved by a majority of the members of each credit union present at meetings called to approve the plan. (b) The commissioner may by regulation establish further […]
Sec. 06.45.290. Branch offices.
A credit union may establish a branch office under regulations of the commissioner.
Sec. 06.45.140. Powers and duties of credit committee.
(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 […]
Sec. 06.45.150. Loan restriction.
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.
Sec. 06.45.160. Security.
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.
Sec. 06.45.010. Responsibility of commissioner.
(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. […]
Sec. 06.45.170. Powers and duties of supervisory committee; suspension of committee members.
(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 […]
Sec. 06.45.020. Formation of credit union.
(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 […]