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. 06.45.295. Automated teller machines.
(a) A state credit union may establish, maintain, and operate an automated teller machine on the premises of the main office or a branch office of the state credit union. (b) A state credit union may establish, maintain, and operate an automated teller machine at a location other than credit union premises by notifying the […]
Sec. 06.45.300. Unauthorized conduct of credit union business.
It is a class A misdemeanor for a natural person to conduct business under a name or title that contains the words “credit union” or a derivation of them or to represent to be conducting business as a 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 […]
Sec. 06.45.180. Reserves.
(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: […]
Sec. 06.45.030. Approval of articles of incorporation and issuance of certificate of authority.
(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 […]