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. 06.45.220. Suspension, conditional operation, and liquidation.
(a) The commissioner, upon a finding that the credit union is bankrupt, insolvent, or is operating in an unsafe or unsound manner or that the credit union has violated the provisions of its articles of incorporation or bylaws, this chapter, or regulations adopted by the commissioner, may exercise the powers granted under AS 06.01.030 and […]
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. 06.45.080. 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 […]
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 […]