657.064 – Voluntary Liquidation.
657.064 Voluntary liquidation.—A credit union may elect to dissolve voluntarily and liquidate its affairs in the following manner: (1) Before considering any resolution pertaining to voluntary liquidation by the board of directors, the credit union must inform the office and the National Credit Union Administration of the time and place of the meeting of the board of […]
657.065 – Merger.
657.065 Merger.— (1) Upon the filing of an application with the office by the constituent credit unions, and upon approval by the office, credit unions may be merged with a surviving state credit union, as prescribed in this code, except that the action by a merging federal credit union must be taken in the manner prescribed by, […]
657.066 – Conversion From State Credit Union to Federal Credit Union and Conversely.
657.066 Conversion from state credit union to federal credit union and conversely.—Any credit union organized under this chapter may convert into a federal credit union and any federal credit union may convert into a credit union organized pursuant to this chapter upon approval of the authority under the supervision of which the converted credit union will […]
657.028 – Activities of Directors, Officers, Committee Members, Employees, and Agents.
657.028 Activities of directors, officers, committee members, employees, and agents.— (1) An individual may not disburse funds of the credit union for any extension of credit approved by her or him. (2) An elected officer, director, or committee member, other than the chief executive officer, may not be compensated for her or his service as such. (3) Except with […]
657.031 – Powers.
657.031 Powers.— (1) When not in direct conflict with or superseded by specific provisions of the financial institutions codes, the general powers authorized to corporations in s. 607.0302 extend to credit unions formed under this chapter. This section shall be liberally construed to accomplish the purposes stated herein. (2) Except as provided in s. 607.0304 or specific provisions […]
657.033 – Accounts.
657.033 Accounts.— (1) Shares may be paid for and transferred in such manner as the bylaws prescribe. At such intervals and for such periods as the board of directors may authorize, and after provisions are made for the required reserves, the board of directors may declare dividends, to be paid from the undivided earnings at such rates […]
657.0335 – Additional Power to Restrict Withdrawals.
657.0335 Additional power to restrict withdrawals.—In extraordinary circumstances external to the operations of the credit union which threaten the continued existence and operation of the credit union, the office may restrict withdrawals for a period not to exceed 60 days. History.—ss. 1, 6, ch. 80-258; ss. 2, 3, ch. 81-318; s. 1, ch. 91-307; s. 1, […]
657.038 – Loan Powers.
657.038 Loan powers.— (1) A credit union may extend credit to members for such purpose and upon such security and terms as the credit committee, credit manager, or loan officer approves, pursuant to written loan policies established by the board of directors, or as may otherwise be provided by law. (2) For credit unions that have been opened […]
657.039 – Loan Powers; Extension of Credit to Directors and Certain Others.
657.039 Loan powers; extension of credit to directors and certain others.— (1) A credit union may extend credit to its executive officers, directors, credit manager, members of its supervisory, audit, and credit committees, provided: (a) The extension of credit complies with all requirements under this chapter with respect to credit extended to other borrowers and is not on […]
657.041 – Insurance; Employee Benefit Plans.
657.041 Insurance; employee benefit plans.— (1) A credit union may purchase for or make available to its members credit life insurance, credit disability insurance, life savings or depositors life insurance, or any other insurance coverage which may be directly related to the extension of credit or to the receipt of shares or deposits in amounts related to […]