§ 11-30-122. Merger
The method of merger of two or more credit unions shall be as follows: The board of directors of the continuing and each merging credit union shall: Approve a plan for the proposed merger; and Authorize representatives of each credit union to act on each credit union’s behalf to bring about the merger. The plan […]
§ 11-30-123. Taxation
A credit union shall be deemed an institution for savings and, together with all accumulations therein, shall not be subject to taxation except as to real estate owned. The shares of a credit union shall not be subject to a stock transfer tax when issued by the corporation or when transferred from one member to […]
§ 11-30-124. Transfer of Functions – Conforming of Statutes
As of April 11, 1988, the powers, duties, and functions of the state bank commissioner under this article are transferred to the state commissioner of financial services. On April 11, 1988, all employees of the division of banking whose principal duties are concerned with the powers, duties, and functions transferred to the state commissioner of […]
§ 11-30-125. Notice of Branch Opening and Closing
A credit union that has its principal place of business in this state may establish one or more new branches anywhere in this state or in any other state thirty days after providing written notice to the commissioner. No later than ninety days prior to the proposed date of any branch closing, a notice of […]
§ 11-30-126. Trust Account – Limited Documentation Required – Certificate of Trust
For any transaction with any credit union in this state by one or more persons expressly acting as a trustee or trustees for one or more other named person or persons pursuant to or purporting to be pursuant to a written trust agreement, a trustee may provide the credit union with a certificate of trust […]
§ 11-30-112. Capital
The capital of a credit union shall consist of the payments that have been made to it in shares by the several members thereof. The credit union has a lien on the shares and deposits of a member for any sum due to the credit union from said member or for any loan endorsed by […]
§ 11-30-113. Minors
Shares may be issued and deposits received in the name of a minor. A member who is a minor shall be entitled to withdraw or pledge any shares owned by him and to receive from the credit union any and all dividends, or other moneys, at any time the same become due, in the same […]
§ 11-30-115. Power to Borrow and Loan Money
A credit union may borrow from any source a total sum which shall not exceed fifty percent of its shares, deposits, and undivided earnings. No credit union shall loan more than ten percent of its assets to any member or to another credit union. Source: L. 31: p. 303, § 15. CSA: C. 47, § […]
§ 11-30-116. Loans
A credit union may make loans to members subject to the provisions of this article and the bylaws of the credit union. A borrower may repay a loan in whole or in part any day the office of the credit union is open for business. A credit union may make loans to its own directors, […]
§ 11-30-117. Reserves
(Deleted by amendment, L. 2004, p. 131 , § 7, effective July 1, 2004.) The board may require reserves to protect the interest of members by general rules, including reserve requirements for any privately insured credit union. In addition, the commissioner may require special reserves by an order directed to an individual credit union in […]