Sec. 06.50.030. Application.
(a) An application for a license must be in writing and under oath, in a form prescribed by the department by regulation, and include at least (1) the legal name, residence, and business address of the applicant and, if the applicant is not a natural person, of each member, partner, director, senior officer, or owner […]
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. 06.50.040. Bond.
(a) An applicant for a license shall file with the application a bond (1) in a form to be approved by the department; (2) in which the applicant is the obligor; and (3) in the sum of $25,000 for a business with one location and $50,000 for a business with more than one location. (b) […]
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. 06.50.050. Investigation by department.
Within 60 days after an applicant files a completed application, the bond, and an application fee, the department shall investigate whether the applicant satisfies the qualifications of AS 06.50.020(a). If the department finds that the applicant satisfies the qualifications, it shall approve the application and issue the applicant a license to engage in the business […]
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 […]