§ 31106. Certificate to commence business; insurance; bond
§ 31106. Certificate to commence business; insurance; bond (a) Upon receipt of the statement required in subsection 31105(b) of this title, the Commissioner shall cause an examination to be made to determine if the minimum share deposits have been credited to the account of the credit union, and that all requirements of this section and […]
§ 31107. Failure to commence business
§ 31107. Failure to commence business (a) The proposed credit union’s certificate of approval and its right to do business shall lapse if the credit union fails to commence business as a credit union within two years after receiving a certificate of approval under section 31102 of this title. (b) Notwithstanding the time limitation in […]
§ 31108. Amendment to articles of incorporation
§ 31108. Amendment to articles of incorporation (a) The articles of incorporation, or comparable organization document as applicable to the credit union, may be amended as provided in the bylaws. Notwithstanding the provisions of the bylaws, however, written notice of the meeting and text of the proposed amendment shall be given to each director at […]
§ 31201. Bylaws; amendment of bylaws
§ 31201. Bylaws; amendment of bylaws (a) The organizers applying for the organization of a credit union shall adopt bylaws that prescribe the manner in which the business of the credit union shall be conducted. The bylaws shall include at least the following: (1) the name of the credit union, which name shall comply with […]
§ 31202. Credit union name
§ 31202. Credit union name (a) The name of every credit union organized under this title shall include the phrase “credit union.” No credit union may adopt a name either identical to the name of any other credit union or entity doing business in this state or so similar to the name of any other […]
§ 31301. Number and election of directors
§ 31301. Number and election of directors (a) The governing body of a credit union shall consist of an odd number of directors, at least five in number. The initial governing body shall be elected at the organizational meeting of the credit union as provided in subsection 31103(e) of this title, and thereafter by the […]
§ 31302. Duties of governing body
§ 31302. Duties of governing body The governing body shall have authority for the general management of the credit union and, among other things, the governing body shall: (1) have the authority and responsibility for directing the operations, funds, and records of the credit union; (2) act upon applications for membership or appoint an executive […]
§ 31303. Executive committee
§ 31303. Executive committee (a) The executive committee, if one is appointed by the governing body, shall consist of an odd number of no fewer than three directors of the credit union. (b) The executive committee shall meet in accordance with section 31304 of this title and as often as necessary, and shall act for […]
§ 31304. Meetings of governing body
§ 31304. Meetings of governing body (a) The governing body of a credit union shall meet as often as necessary and at least monthly, provided, that if the governing body delegates its authority to an executive committee, the executive committee shall meet during the months in which the governing body does not meet. The governing […]
§ 31305. Officers
§ 31305. Officers (a) At the first regularly scheduled meeting of the entire governing body at which a quorum is present following the organizational meeting and thereafter following each annual meeting, but in no event more than 30 days after such organizational meeting or annual meeting of the members, as applicable, the directors shall elect […]