Section 5-17-40 Alabama Credit Union Administration created; functions; transfer of authority previously vested in State Banking Department. THIS SECTION WAS AMENDED BY ACT 2018-470 IN THE 2018 REGULAR SESSION, EFFECTIVE JUNE 1, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. (a) There shall be an Alabama Credit Union Administration which shall administer the laws […]
Section 5-17-41 Administrator – Appointment; vacancy; eligibility. (a) The Alabama Credit Union Administration shall be in the charge of the administrator who shall be the chief executive officer of the administration. (b) The administrator shall be a person of good character. (c) The administrator shall be appointed by the Governor by and with the consent […]
Section 5-17-42 Administrator – Oath; bond. The administrator, before entering upon the discharge of his or her duties, shall take and subscribe to the oath prescribed by the constitution and laws of this state, and shall cause the Division of Risk Management of the Department of Finance or its successor agency to cover the administrator […]
Section 5-17-43 Official seal; use of sealed papers as evidence; recording. The Secretary of State shall provide the administrator with an official seal. Every paper executed by him as such administrator, in pursuance of any authority conferred on him by law and sealed with his official seal, shall be received in evidence and may be […]
Section 5-17-44 Removal from office of administrator or board member. (a) The administrator or any member of the Credit Union Board may be removed from office by a vote of two thirds of the members of the entire Credit Union Board for: (1) neglect of duty; (2) malfeasance; (3) misfeasance; (4) extortion or corruption in […]
Section 5-17-45 Legislative findings; powers of credit unions; agreements; reports. (a) The Legislature finds as fact and determines that the credit unions having their principal place of business in Alabama must keep pace with technological and other improvements constantly being made throughout the United States so as to enable Alabama credit unions to render better […]
Section 5-17-46 Policies, regulations, and interpretations; review for ratification; procedure for adopting, amending or repealing. (a) The administrator may, with the concurrence of a majority of the members of the Credit Union Board, promulgate such reasonable regulations, consistent with the laws of this state, as may be necessary to carry out the laws over which […]
Section 5-17-47 Procedure for adopting, amending, or repealing regulations and interpretations; contesting regulations. (a) Prior to the adoption, amendment, or repeal of any regulation or interpretation, the administrator shall: (1) Give at least 30 days’ notice of the intended action. The notice shall include a statement of either the terms or substance of the intended […]
Section 5-17-48 Annual report; public distribution of report and other material. The administrator shall make from the reports of the department during the year an annual report to the Governor on the activities of the Alabama Credit Union Administration and such other information as the Governor may request and shall keep on file as a […]
Section 5-17-49 Violations to be submitted to grand jury. Repealed by Act 2014-317, §2, effective May 1, 2014. (Acts 1985, No. 85-457, p. 425, §26.)
Section 5-17-50 Employment and compensation of necessary personnel; assistant administrator. (a) Subject to the provisions of Section 36-26-1, et seq., the administrator may appoint or employ such assistants, employees, and attorneys as may be necessary to the efficient operation of the department. The administrator shall fix their compensation in accordance with Section 36-26-1, et seq. […]
Section 5-17-51 Immunity from personal liability. Neither the administrator, any member of the Credit Union Board nor any special agent or employee of the Alabama Credit Union Administration shall be personally liable for any acts done in good faith while in the performance of his or her duties as provided by law. (Acts 1985, No. […]
Section 5-17-52 Oath and duties of examiner. Before entering upon the discharge of his or her duties, every examiner shall take and file with the administrator an oath faithfully to discharge his or her duties as examiner. Each examiner shall act under the direction of the administrator and shall examine fully the books, records, papers, […]
Section 5-17-53 Furnishing of commission to examiner; exhibit to credit union upon making examination. Repealed by Act 2014-317, §2, effective May 1, 2014. (Acts 1985, No. 85-457, p. 425, §30.)
Section 5-17-54 Bond of Alabama Credit Union Administration employees. Before entering upon the duties of their respective offices, the administrator shall cause the Division of Risk Management of the Department of Finance or its successor agency to include each employee of the Alabama Credit Union Administration under a bond to be fixed and approved by […]
Section 5-17-55 Credit Union Board created; composition; appeals. (a) There shall be a Credit Union Board of the Alabama Credit Union Administration which shall consist of the administrator, who shall be an ex officio member and chair of the board, and seven other persons, appointed by the Governor, by and with the consent of the […]
Section 5-17-56 Meetings; executive sessions; confidential information. (a) The administrator shall comply with the Alabama Open Meetings Law, Chapter 25A of Title 36. The Credit Union Board shall meet not less than once every calendar year. Any meeting of the Credit Union Board may be held at any place in the state where it is […]
Section 5-17-57 Quorum. A majority of the Credit Union Board shall constitute a quorum for the transaction of any business. (Acts 1985, No. 85-457, p. 425, §34.)
Section 5-17-58 Compensation and expenses of board members. No person appointed as member of said Credit Union Board shall receive any compensation for his services; except, that each appointed member of said Credit Union Board shall receive $25.00 per day for each day said Credit Union Board is in session, but in no event to […]
Section 5-17-59 Applicability of Alabama Business Corporation Act. Any Alabama state chartered credit union shall be subject to the provisions of the Alabama Business Corporation Act, specifically to Sections 10-2A-260, 10-2A-261, 10-2A-283, 10-2A-284, 10-2A-25, 10-2A-26, 10-2A-27, 10-2A-28 and 10-2A-29. (Acts 1985, No. 85-457, p. 425, §36.)
