(a) Any seven (7) or more residents of the State of Arkansas, of legal age, who have a common bond referred to in § 23-35-401 may organize a credit union and become charter members thereof by: (1) Executing duplicate copies of the articles of incorporation, which shall state: (A) The name, which shall include the […]
(a) The articles of incorporation and the bylaws may be amended as provided in the bylaws. (b) (1) Amendments to the articles of incorporation and to the bylaws shall be submitted in writing to the State Credit Union Supervisor. (2) Amendments shall become effective upon approval in writing by the supervisor and payment of the […]
(a) The business affairs of the credit union shall be managed by a board of directors of not fewer than five (5) directors, a credit committee of not fewer than three (3) members, and a supervisory committee of not fewer than three (3) members, all to be elected at the annual members’ meeting by and […]
(a) The board of directors of the credit union shall be responsible for general management of the affairs, funds, and records of the credit union and shall meet as often as necessary, but not less than once each month. (b) The board shall: (1) Act upon applications for membership, or appoint and authorize an executive […]
(a) Within ten (10) days following the organizational meeting and each annual meeting, the directors of the credit union shall elect from their own number a chief executive officer who may be designated as chair or president of the board, vice chair or vice president, a treasurer, and a secretary, of whom the last two […]
(a) (1) The credit committee of the credit union shall be responsible for general supervision of all loans to members. (2) The credit committee shall not be composed of any person who is a member of the board of directors of the credit union or of the supervisory committee. (3) It shall be the duty […]
(a) The supervisory committee of the credit union shall make or cause to be made, at least annually: (1) An examination of the affairs of the credit union, including an audit of its books; (2) A report of its annual examination to the board of directors of the credit union; and (3) An audit, a […]
(a) No officer, director, or committee member of the credit union, other than the treasurer whom the board of directors of the credit union has specifically appointed or contracted to actively work in the credit union, may be compensated, directly or indirectly, for his or her services as such. This shall not be construed to […]
