32-3-805. Membership capital accounts
32-3-805. Membership capital accounts. (1) A corporate credit union may issue membership capital accounts to members that are available to cover losses that exceed reserves and undivided earnings and paid-in capital. (2) (a) For purposes of this section, “membership capital account” means a share, deposit, term certificate, adjusted balance, or other account that: (i) is established, at a minimum, […]
32-3-806. Fixed assets — department rules
32-3-806. Fixed assets — department rules. (1) A corporate credit union may not invest in fixed assets if the aggregate of those investments would exceed 15% of capital, unless the credit union receives prior written approval from the department and the national credit union administration board. (2) The department shall adopt rules for the administration of subsection […]
32-3-807. Corporate reserves — department rules
32-3-807. Corporate reserves — department rules. (1) A corporate credit union shall maintain a minimum capital to assets ratio according to rules adopted by the department in substantial conformance with Title 12, part 704, Code of Federal Regulations. (2) The department shall adopt rules for the administration of subsection (1). History: En. Sec. 7, Ch. 66, L. 1993; […]
32-3-808. Annual audit
32-3-808. Annual audit. (1) The supervisory committee of a corporate credit union shall require an annual opinion audit to be made by an independent, licensed certified public accountant and shall submit the audit report to the board of directors. A summary of the audit report must be submitted to the membership at the next annual meeting. […]
32-3-809. Contracts and written agreements
32-3-809. Contracts and written agreements. Services, facilities, personnel, or equipment shared with any party must be supported by a written contract or agreement that specifies the duties and responsibilities of each party and that fully supports and documents the allocation of service fees and expenses. History: En. Sec. 9, Ch. 66, L. 1993.
32-3-810. Paid-in capital defined — authorized
32-3-810. Paid-in capital defined — authorized. (1) “Paid-in capital” means accounts or other interests of a corporate credit union that: (a) may not exceed reserves and undivided earnings; (b) may include both member paid-in capital and nonmember paid-in capital; (c) are available to cover losses that exceed reserves and undivided earnings; (d) are not insured by the national credit union […]
32-3-901. Taxation
32-3-901. Taxation. All credit unions organized under this or any other credit union law shall have the same immunity from state and local taxation that federal credit unions have from time to time under the laws of the United States. History: En. 14-672 by Sec. 72, Ch. 38, L. 1975; R.C.M. 1947, 14-672.
32-3-902. Stock transfer taxes
32-3-902. Stock transfer taxes. The shares of any credit union shall not be subject to stock transfer taxes, either when issued or when transferred from one member to another. History: En. 14-673 by Sec. 73, Ch. 38, L. 1975; R.C.M. 1947, 14-673.
32-3-903. Effect of participation in government programs
32-3-903. Effect of participation in government programs. The participation by a credit union in any government program providing unemployment, social security, old-age pension, or other benefits shall not be deemed a waiver of the taxation exemption hereby granted. History: En. 14-674 by Sec. 74, Ch. 38, L. 1975; R.C.M. 1947, 14-674.
32-3-803. Voting representative — conflict of interest
32-3-803. Voting representative — conflict of interest. (1) Each credit union that is a member of a corporate credit union may designate one person to be its voting representative in the corporate credit union. The person must be designated by the board of directors of the member credit union. The voting representative is eligible to hold […]