§ 30805. Review of denial of application
§ 30805. Review of denial of application (a) If the application is denied, the applicant may request that the Commissioner reconsider the application by making such request in writing, within 15 days of the denial, responding specifically to the Commissioner’s stated reason or reasons for denial. The Commissioner shall reconsider the application in light of […]
§ 30901. Taxation
§ 30901. Taxation Any credit union organized under this or any other credit union statute and all shares and deposits in the credit union shall be exempt from all taxation imposed by this jurisdiction before or after the enactment of this section or any taxing authority within this jurisdiction, and no law that taxes corporations […]
§ 31101. Application to organize
§ 31101. Application to organize (a) Application. Seven or more individuals, all of whom are within the proposed field of membership to be served by the credit union and all of whom are of legal age, may agree in writing to associate themselves for the purpose of forming a credit union pursuant to this chapter, […]
§ 31102. Issuance of certificate of approval; refusal to issue certificate of approval
§ 31102. Issuance of certificate of approval; refusal to issue certificate of approval (a) Certificate of approval. The Commissioner shall determine whether a certificate of approval shall be granted to organize a credit union and shall make the decision in accordance with the requirements of subchapter 8 of chapter 220 of this title. (b) Conditions. […]
§ 31103. Requirements to commence business; minimum initial share deposits; certificate of authority
§ 31103. Requirements to commence business; minimum initial share deposits; certificate of authority (a) At the time the certificate of approval is issued, the Commissioner shall issue an order granting permission to organize which shall set forth the minimum amount of share deposits that the credit union will be required to have to commence business, […]
§ 31104. Submission to Secretary of State
§ 31104. Submission to Secretary of State Following the meeting required under subdivision 31103(e)(1) of this title and approval of the organizational documents by the Commissioner under subdivision 31103(e)(4) of this title, the directors so elected shall submit to the Secretary of State an attested copy of the credit union’s organizational documents as required by […]
§ 31105. Payment of share deposits
§ 31105. Payment of share deposits (a) A credit union organized under this chapter shall not commence business until the minimum share deposits required by the order granting permission to organize have been deposited in cash to the credit of the credit union in a depository designated by the governing body. Share deposits taken as […]
§ 30802. Applications
§ 30802. Applications (a) Upon receipt of an application subject to this section in the form prescribed by the Commissioner, the Commissioner shall determine whether the application is complete. The Commissioner shall have the power to request modifications in, and additional information relating to, any application prior to certifying its completeness. (b) As soon as […]
§ 30803. Hearings on applications; decisions; general good standard
§ 30803. Hearings on applications; decisions; general good standard (a) The Commissioner may conduct public hearings on any application subject to this subchapter in his or her discretion. (b) After consideration of all relevant matters presented in the application, in any written comments, in any department investigation, and at any hearing, the Commissioner shall issue […]
§ 30804. Notification of approval or denial of application
§ 30804. Notification of approval or denial of application (a) Within 60 days after the filing of a completed application, the conclusion of any public hearing, and the conclusion of any public comment period, the Commissioner shall notify the applicant of the approval or denial of the application. (b) The Commissioner may extend the period […]