§31C-12-3. Civil Penalties
Any person who violates this chapter, the rules issued pursuant thereto, or any orders lawfully entered by the commissioner or board of banking and financial institutions may be subject to civil penalties in an action brought by the commissioner or board in an amount not less than $50 nor more than $5,000 for each violation.
§31C-11-10. Reserves
(a) The corporate credit union shall be exempt from the regular reserve requirements of subsection (a), section three, article nine of this chapter but at the end of each accounting period and prior to paying a dividend or interest refund (or, at the option of the credit union, on a monthly basis if dividends or […]
§31C-11-11. Annual Audit
(a) The supervisory committee of the corporate credit union shall cause an annual audit to be made by an independent certified public accountant and shall submit the annual audit report to the board of directors. A summary of the audit report shall be submitted to the membership at the next annual meeting. (b) A copy […]
§31C-11-12. Securities Exemption
The corporate credit union shall be exempt from the securities laws of this state.
§31C-12-1. Criminal Liability
Any credit union officer, director, employee or agent, who willfully does any of the following shall be deemed guilty of a felony and, may, upon conviction thereof, be fined not more than $10,000 or imprisoned not less than one year nor more than five years, or both: (a) With intent to deceive, falsifies any books […]
§31C-12-2. Penalty for False Reports
Whoever maliciously and knowingly spreads false reports about the management or finances of any credit union shall be fined not less than $25, nor more than $200 or be imprisoned for not less than thirty days nor more than one year, or both.
§31C-11-5. Powers and Privileges
(a) The corporate credit union shall enjoy the powers and privileges of any other credit union incorporated under this chapter in addition to those powers enumerated in this article, notwithstanding any limitations or restrictions found elsewhere in this chapter. (b) The corporate credit union may: (1) Accept funds, either as shares or deposits, from a […]
§31C-11-6. Participation in Central System
The corporate credit union may enter into agreements and subscribe to any required shares for the purpose of participation in the national credit union administration central liquidity facility created by Public Law 95-630 or any other state or federal central liquidity facility or central financial system available to credit unions. It may also enter into […]
§31C-11-7. Security Interest
The corporate credit union may require and accept security for loans to a member in the form of a pledge, assignment, hypothecation or mortgage of any assets of the member or a guarantor.
§31C-11-8. Meetings
The board of directors of the corporate credit union shall meet each month. The board may meet at other times as is necessary. Board meetings may be conducted by means of telephone as provided in the bylaws in a manner consistent with state law.