657.062 – Conservatorship.
657.062 Conservatorship.— (1) The office may appoint the National Credit Union Administration as conservator over a credit union to take possession and control of the property, assets, and business of its member credit union and to operate it subject to the directions of the office whenever: (a) The office finds that the credit union: 1. Is engaging or has […]
657.063 – Involuntary Liquidation.
657.063 Involuntary liquidation.— (1) If the office finds that any credit union is insolvent or imminently insolvent; is transacting its business in an unsound, unsafe, or unauthorized manner such that it is threatened with imminent insolvency, and liquidation is in the best interest of the members; or is undercapitalized and has no reasonable prospect of becoming adequately […]
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 […]
658.12 – Definitions.
658.12 Definitions.—Subject to other definitions contained in the financial institutions codes and unless the context otherwise requires: (1) “Association” means an association as defined in s. 665.012. (2) “Bank” means any person having a subsisting charter or other lawful authorization, under the laws of this or any other jurisdiction, authorizing such person to conduct a general commercial banking […]
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 […]
658.16 – Creation of Banking or Trust Corporation.
658.16 Creation of banking or trust corporation.— (1) When authorized by the office, as provided herein, a corporation may be formed under the laws of this state for the purpose of becoming a state bank or a state trust company and conducting a general banking or trust business. (2) A bank or trust company that is chartered as […]
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 […]
658.165 – Banker’s Banks; Formation; Applicability of Financial Institutions Codes; Exceptions.
658.165 Banker’s banks; formation; applicability of financial institutions codes; exceptions.— (1) If authorized by the office, a corporation may be formed under the laws of this state for the purpose of becoming a banker’s bank. An application for authority to organize a banker’s bank is subject to ss. 658.19, 658.20, and 658.21, except that s. 658.20(1)(b) and […]