A credit union shall have power to: (1) Make contracts; (2) Sue and be sued in the name of the credit union; (3) Adopt and use a common seal and alter it at pleasure; (4) Purchase, hold, and dispose of property necessary or incidental to its operations; (5) Require the payment of an entrance or […]
Christmas clubs, vacation clubs, and other thrift clubs, if provided for the use of members, shall be operated in accordance with such rules as the board of directors of the credit union may prescribe.
(a) A credit union may loan to members for a provident or productive purpose and upon such security as the bylaws may provide and as the credit committee or loan officer shall approve. (b) (1) No loan shall bear an interest rate to exceed the highest lawful rate permitted under the Constitution of the State […]
Funds not used in loans to members may be invested: (1) In capital shares, obligations, or preferred stock issues of any agency or association organized either as a stock company, mutual association, or membership corporation, provided that the membership or stockholdings, as the case may be, of the agency or association are confined or restricted […]
(a) At the end of each accounting period, the gross income shall be determined. From this amount, there shall be set aside, as a regular reserve against losses on loans and against such other losses as may be specified in rules prescribed under this chapter, sums in accordance with the following schedule: (1) A credit […]
(a) (1) If a credit union is unable to contact a member, beneficiary, or other person by first class mail at the last address shown on the records of the credit union, and if such inability continues for a period of more than three (3) years, then all shares, accounts, dividends, interest, and other sums […]
(a) At such intervals as the board of directors of the credit union may authorize and after provision for required reserves, the board may declare, pursuant to such rules as may be issued by the State Credit Union Supervisor, a dividend to be paid at different rates on different types of shares and at different […]
When the losses of a credit union resulting from a depreciation in value of its loans or investments, or otherwise, exceed its undivided earnings and reserve fund so that the estimated value of its assets is less than the total amount due the shareholders, the credit union may by a majority vote of the entire […]
The fiscal year of all credit unions subject to the provisions of this chapter shall end on December 31.
(a) A credit union shall have the power to establish offices at locations other than its main office if the maintenance of those offices is reasonably necessary to furnish services to its membership. No additional offices shall be established to serve persons who are not entitled to membership, as defined in the common bond provision […]
(a) All credit union records shall be kept for a period of five (5) years from the date of making them or from the date of the last entry thereon. (b) No credit union shall be required to make receipt for payment except as may be provided in the bylaws, nor shall it be necessary […]
