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. (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. (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 […]
32-3-804. Additional rights and powers — department rules. (1) Except as limited by this part and rules adopted pursuant to this part, a corporate credit union has all of the rights and powers of any other credit union organized under this chapter and the additional rights and powers specified in this part. (2) A corporate credit union […]
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. (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. (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. (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. 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. (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 […]
