Section 52.201 — Reorganizing Federal Credit Union Into State Credit Union.
52.201 REORGANIZING FEDERAL CREDIT UNION INTO STATE CREDIT UNION. When any federal credit union authorized to convert to a state charter has taken the necessary steps under the federal law for that purpose, upon the affirmative vote of a majority of the members who vote on the proposal, a quorum being present, at a regular […]
Section 52.202 — Directors May Execute Certificates.
52.202 DIRECTORS MAY EXECUTE CERTIFICATES. When any state credit union authorized to dissolve has taken the necessary steps for that purpose, pursuant to section 52.20, excepting the necessity for the appointment of a liquidating committee and filing a bond, the number of its members required by federal law may execute a certificate of incorporation under […]
Section 52.203 — Merger Or Consolidation.
52.203 MERGER OR CONSOLIDATION. Any credit union chartered by this state may merge with and be absorbed by any other state or federal credit union, and any credit union chartered by this or any other state or any federal credit union may be merged into a successor credit union chartered by this state, upon approval […]
Section 52.21 — Change Of Place Of Business.
52.21 CHANGE OF PLACE OF BUSINESS. A credit union may change its place of business within this state only with the written consent of the commissioner of commerce. The commissioner of commerce shall consent, or give notice to the credit union of failure to consent, within 60 days of the date the request for a […]
Section 52.211 — Student Education Programs.
52.211 STUDENT EDUCATION PROGRAMS. A credit union is allowed to establish part-time deposit-taking locations at elementary and secondary schools provided that the locations are established in connection with student education programs approved by the school administration and consistent with safe and sound financial institution practices. For purposes of this section, students do not need to […]
Section 52.212 — Senior Citizen Locations.
52.212 SENIOR CITIZEN LOCATIONS. In addition to its primary member location, a credit union may operate part-time locations in nursing homes and senior citizen housing facilities if they are operated in a manner consistent with safe and sound practices. History: 1999 c 151 s 27
Section 52.24 — Mandatory Share And Deposit Insurance.
52.24 MANDATORY SHARE AND DEPOSIT INSURANCE. Subdivision 1. Insurance accounts. Every credit union under the supervision of the commissioner of commerce shall at all times maintain in effect insurance of member share and deposit accounts under the provisions of title II of the National Credit Union Act. A credit union which fails to meet this […]
Section 52.165 — Graduated Payment Home Loan.
52.165 GRADUATED PAYMENT HOME LOAN. Subdivision 1. Definition. As used in this section, “graduated payment home loan” means a real estate loan made pursuant to section 52.16, whereunder initial periodic repayments are lower than those under the standard real estate loan having equal periodic repayments, and gradually rise to a predetermined point after which they […]
Section 52.17 — Reserve Fund.
52.17 RESERVE FUND. Subdivision 1. [Repealed, 2002 c 342 s 11] Subd. 2. Required liquidity. Every credit union shall maintain a reserve in the form of liquid assets at a level reasonably necessary to meet anticipated withdrawals, commitments, and loan demand. Reserves must be in cash and balances due from solvent banks or which may […]
Section 52.18 — Dividends.
52.18 DIVIDENDS. The directors of a credit union may, on a daily, monthly, quarterly, semiannual, or annual basis as its board of directors may determine, declare and pay a dividend from net earnings or accumulated net undivided profits remaining after statutory reserve has been set aside, which dividend may be paid on all shares whether […]