Sec. 06.45.230. Exemption from taxation.
A credit union organized under this chapter, its property, franchises, capital, reserves, surpluses, and other funds, and its income are exempt from taxation by the state or a political subdivision of the state, except that real property and tangible personal property owned by a credit union is subject to taxation to the same extent that […]
Sec. 06.45.240. Conversions.
(a) A federal credit union may convert into a credit union organized under this chapter by complying with applicable federal law and by qualifying under this chapter. (b) A credit union organized under this chapter may convert into a federal credit union by complying with this chapter and by qualifying under federal law.
Sec. 06.45.250. Insurance of member accounts.
A credit union organized under this chapter shall, under regulations adopted by the commissioner, participate in insurance of member accounts under programs offered by the National Credit Union Administration Board or a program of comparable insurance approved by the commissioner.
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. 06.45.110. 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 […]
Sec. 06.45.120. Board of directors.
(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 […]
Sec. 06.45.130. Applications for membership.
(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 […]
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.