32-3-801. Organization
32-3-801. Organization. A corporate credit union may be organized and operated under this chapter and is subject to all provisions not inconsistent with this part. The credit union shall use the term “corporate” in its official name. History: En. 14-668 by Sec. 68, Ch. 38, L. 1975; R.C.M. 1947, 14-668; amd. Sec. 1, Ch. 66, L. 1993; […]
32-3-802. Purpose — membership
32-3-802. Purpose — membership. (1) A corporate credit union must be operated primarily for the purpose of serving other credit unions. (2) Membership in a corporate credit union must include credit unions organized and operating under this chapter or under any other credit union law. (3) Membership may also include: (a) officers, directors, committee members, and employees of credit […]
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 […]
32-3-610. Liability insurance for officers
32-3-610. Liability insurance for officers. A credit union may purchase and maintain insurance on behalf of any person who is or was a director, officer, employee, or agent of the credit union or who is or was serving at the request of the credit union as a director, officer, employee, or agent of another corporation, partnership, […]
32-3-611. Share insurance
32-3-611. Share insurance. (1) Each credit union shall maintain insurance on its share accounts under the provisions of Title II of the Federal Credit Union Act or through a legally constituted insurance plan approved by the commissioner of insurance and the department of administration. (2) A credit union may not begin operation or transact any business until […]
32-3-701. Investment of funds — rulemaking
32-3-701. Investment of funds — rulemaking. (1) Funds not used in loans to members may be invested in: (a) securities, obligations, or other instruments issued by or fully guaranteed as to principal and interest by the United States of America or any agency of the United States government or in any trust established for investing directly or […]
32-3-702. Maintenance of regular reserve account
32-3-702. Maintenance of regular reserve account. The department of administration may require a credit union to establish and maintain, at a certain level, a regular reserve account as a contingency to address potential losses. The department may rely on standards adopted by the national credit union administration (NCUA) in making any determination to require a credit […]
32-3-703. Use of regular reserve account
32-3-703. Use of regular reserve account. The regular reserve account belongs to the credit union and must be used to meet losses including, with prior approval of the department of administration, losses from the sale of investments or securities. The regular reserve account may not be used to meet losses resulting from an excess of expenses […]
32-3-704. Repealed
32-3-704. Repealed. Sec. 3, Ch. 64, L. 2003; sec. 40, Ch. 237, L. 2003. History: En. 14-662 by Sec. 62, Ch. 38, L. 1975; R.C.M. 1947, 14-662; amd. Sec. 1, Ch. 4, L. 1991; amd. Sec. 42, Ch. 18, L. 1995.
32-3-510. Withdrawals
32-3-510. Withdrawals. Shares may be withdrawn for payment to the account holder or to third parties in such manner and in accordance with such procedures as may be established by the board of directors. History: En. Sec. 8, Ch. 522, L. 1985.