A credit union or central credit union is a cooperative nonprofit association, incorporated in accordance with the provisions of this chapter for the twofold purpose of encouraging thrift among its members and creating a source of credit at fair and reasonable rates of interest. A credit union or central credit union provides an opportunity for […]
(a) A central credit union may be organized and operated as provided in this chapter. (b) A central credit union shall be designated by use of the term “central” in its official name. A credit union not conforming to the requirements for a central credit union shall not use the term “central” in its official […]
A credit union shall be deemed an institution for savings and, together with all accumulations therein, shall not be subject to taxation except as to real estate owned. The shares of a credit union shall not be subject to a stock transfer tax when issued by the corporation or when transferred from one (1) member […]
(a) Each credit union organized under this chapter shall obtain insurance of member share and deposit accounts under the provisions of Title II of the Federal Credit Union Act. (b) A credit union which has been denied a commitment for insurance of its share and deposit accounts shall either dissolve or merge with another credit […]
