Section 1 – Title.
7-9-1. Title. This chapter is known as the “Utah Credit Union Act.” Amended by Chapter 200, 1994 General Session
Section 10 – Filing amendment.
7-9-10. Filing amendment. The Division of Corporations and Commercial Code shall accept for filing an amendment to the articles of incorporation if it finds that the amendment conforms to law and has been approved by the commissioner. Amended by Chapter 66, 1984 General Session
Section 11 – Bylaws and amendments to be approved.
7-9-11. Bylaws and amendments to be approved. (1) A credit union may not receive payments on shares, deposits, or certificates, or make any loans or other transactions, until its bylaws have been approved in writing by the commissioner. (2) An amendment to a credit union’s bylaws does not become operative until the amendment to the […]
Section 12 – Contents of bylaws.
7-9-12. Contents of bylaws. The bylaws of a credit union shall specify at least the following: (1) the name of the credit union; (2) the purpose for which the credit union was formed; (3) a field of membership of the credit union that complies with Section 7-9-51 or 7-9-53; (4) the number of directors and […]
Section 13 – Fiscal year.
7-9-13. Fiscal year. The fiscal year of the credit union shall end at the close of business on December 31 of each year. Enacted by Chapter 16, 1981 General Session
Section 14 – Meetings.
7-9-14. Meetings. (1) The annual meeting of the credit union shall be held at such time and place as the bylaws prescribe. (2) Special meetings may be held as the bylaws prescribe. (3) Notice of all meetings of the credit union shall be given as the bylaws prescribe. (4) In the absence of any provisions […]
Section 15 – Appeals from board of directors or committees.
7-9-15. Appeals from board of directors or committees. Appeals from decisions of the board of directors, supervisory committee, or credit committee shall be made as the bylaws prescribe. Enacted by Chapter 16, 1981 General Session
Section 16 – Members — Eligibility — Liability — Grounds for closing account — Denial of membership.
7-9-16. Members — Eligibility — Liability — Grounds for closing account — Denial of membership. (1) A person within the field of membership of a credit union may be admitted to membership, upon: (a) payment of any required entrance or membership fee; (b) payment for one or more shares; and (c) compliance with this chapter […]
Section 17 – Membership officer — Appointment — Eligibility — Function — Appeals from.
7-9-17. Membership officer — Appointment — Eligibility — Function — Appeals from. (1) One or more membership officers may be appointed by the board of directors. (2) A membership officer may approve applications for membership under conditions prescribed by the board of directors and the bylaws. (3) A membership officer shall be appointed from among […]
Section 18 – Expulsion of member.
7-9-18. Expulsion of member. (1) The board of directors or board-designated representatives may expel from the credit union any member who has not carried out his engagements with the credit union, or neglected or refused to comply with the credit union board policies, provisions of this chapter, or of the credit union bylaws. (2) If […]
Section 19 – Payments to expelled members — Liability of member not relieved by expulsion.
7-9-19. Payments to expelled members — Liability of member not relieved by expulsion. (1) Except in the case of liquidation or dissolution, the amount paid in on shares or deposited by members who have been expelled shall be paid to them with all accrued interest, in the order of expulsion. (2) Payment shall be made […]
Section 2 – Description of credit unions.
7-9-2. Description of credit unions. A credit union is a cooperative, nonprofit association, incorporated under this chapter to encourage thrift among its members, to create sources of credit at fair and reasonable rates of interest, and to provide an opportunity for its members to use and control their resources on a democratic basis in order […]
Section 20 – Board of directors — Powers and duties — Loan limitations.
Effective 5/13/2014 7-9-20. Board of directors — Powers and duties — Loan limitations. (1) At annual meetings the members shall elect from their number a board of directors consisting of an odd number of not less than five members. (2) The bylaws may provide balloting by: (a) mail; (b) ballot box; or (c) both mail […]
Section 21 – Executive officers — Election — Power — Terms.
7-9-21. Executive officers — Election — Power — Terms. (1) At their first meeting held within 30 days following each annual meeting of the members, the board of directors shall elect from their own number a board chairman, one or more vice chairmen, and a secretary. These officers shall be the executive officers of the […]
Section 22 – Credit committee — Credit manager.
7-9-22. Credit committee — Credit manager. (1) A credit union’s bylaws shall provide for a credit committee, credit manager, or combination of both to be responsible for credit functions of the credit union. The bylaws shall prescribe the duties and responsibilities of the credit committee, credit manager, or combination of both. (2) A director may […]
Section 23 – Supervisory committee — Duties — Suspension or removal of officer, director, or credit committee member.
7-9-23. Supervisory committee — Duties — Suspension or removal of officer, director, or credit committee member. (1) (a) Appointees to the supervisory committee shall hold office until the next annual meeting of the members and until successors are appointed. (b) One member of the board of directors, except the chair of the board and the […]
Section 24 – Compensation of directors, committee members, and president — Expense reimbursement.
7-9-24. Compensation of directors, committee members, and president — Expense reimbursement. (1) A member of the board of directors, credit committee, or supervisory committee may not receive any compensation for services as such, except that the reimbursement of reasonable expenses incurred in the execution of the duties of the position may not be considered compensation. […]
Section 25 – Shares — Number unlimited — Subscription and payment — Par value — Ownership required for membership — Dormant accounts.
Effective 5/13/2014 7-9-25. Shares — Number unlimited — Subscription and payment — Par value — Ownership required for membership — Dormant accounts. (1) The capital of the credit union shall be unlimited in amount. (2) Shares of the credit union may be subscribed and paid for in cash or its equivalent in a manner prescribed […]
Section 26 – Loans to members — Investment officers — Investments.
7-9-26. Loans to members — Investment officers — Investments. (1) Subject to Subsections 7-9-20(7) and (8) and Section 7-9-58, capital and surplus of the credit union shall be loaned to the members for the purposes and upon the endorsements or security and the terms as the bylaws provide. (2) Within 30 days after the annual […]
Section 27 – Dividends — Interest refunds.
7-9-27. Dividends — Interest refunds. (1) After allocations to required reserves, a credit union may declare and pay a dividend from current earnings and undivided earnings at the discretion of the board of directors and as provided in its bylaws. (2) Dividends may be paid at different rates on different types or sizes of accounts. […]