Sec. 19. The capital of a credit union shall consist of the payments on shares which have been made to it by members. A credit union may attach a lien on the shares of any member with outstanding obligations to the credit union. A credit union may, upon the resignation of a member, cancel the […]
Formerly: Acts 1961, c.182, s.2. Repealed by Acts 1977, P.L.294, SEC.14.
Formerly: Acts 1961, c.182, s.20. As amended by Acts 1973, P.L.280, SEC.13. Repealed by Acts 1976, P.L.123, SEC.3.
Sec. 20.1. (a) Shares may be issued as the bylaws provide. The provisions of IC 28-1-20-6 apply to loans to any borrower and shall inure to the benefit of the credit union. Shares may be issued in a joint tenancy with right of survivorship, but no joint tenant shall be permitted to vote, obtain loans, […]
Formerly: Acts 1961, c.182, s.21. Repealed by Acts 1971, P.L.366, SEC.10.
Sec. 22. (a) A credit union may borrow from any source. The total borrowing of a credit union may not at any time exceed fifty per cent (50%) of the unimpaired shares capital and surplus of the credit union. (b) A credit union may receive deposits of state and federal public funds, including the right […]
Sec. 23. (a) A credit union may make loans to its members for such purposes and upon such security as the bylaws provide, and as the credit committee or loan officer shall approve. (b) A member may receive a loan for crops in installments. (c) A borrower may repay the whole loan or any part […]
Sec. 24. (a) All entrance charges shall, after payment of the organization expenses, be known as reserve income, and shall be added to the regular reserve of the credit union. At the close of the dividend period, there shall be set apart to the regular reserve ten percent (10%) of gross income until the regular […]
As added by P.L.35-2010, SEC.164. Repealed by P.L.186-2015, SEC.39.
Sec. 25. Dividends may be declared by the board of directors, after making provision for the required reserves. The board of directors may declare separate dividend periods and rates for each type of share account. Formerly: Acts 1961, c.182, s.25; Acts 1969, c.133, s.8; Acts 1974, P.L.130, SEC.8. As amended by Acts 1979, P.L.267, SEC.4; […]
Formerly: Acts 1961, c.182, s.26. As amended by P.L.263-1985, SEC.179; P.L.263-1995, SEC.23. Repealed by P.L.35-2010, SEC.209.
Sec. 26.3. (a) A credit union board may terminate the membership of, or terminate some or all services to, a member who does any of the following: (1) Causes a loss to the credit union. (2) Commits fraud or another misdeed against the credit union or against a person on the premises of the credit […]
Sec. 26.5. (a) A credit union may refuse to make a payment from an account to a person claiming an interest in the account if the credit union: (1) is uncertain under the agreement governing the account of who is entitled to receive the payment; or (2) has actual knowledge of a dispute between any […]
Formerly: Acts 1961, c.182, s.27. Repealed by Acts 1977, P.L.294, SEC.14.
Sec. 27.1. A credit union may liquidate its affairs and dissolve in the following manner: (1) The board of directors of a credit union may vote to submit the question of dissolution to the shareholders. (2) Upon the decision of the board of directors under subdivision (1), payments on shares, withdrawal of shares, and the […]
Sec. 28. A credit union may: (1) with department approval; or (2) by meeting the department’s established criteria to be exempt from the department’s approval; change its place of business. The department may deny the change of location if the new situs is undesirable or would detrimentally affect the operation of the credit union. Formerly: […]
Sec. 29. Any credit union organized or reorganized under the laws of Indiana or the United States may convert from a state charter to a federal charter or from a federal charter to a state charter as follows: (1) A federally chartered credit union may apply for a state charter by observing the following procedures: […]
Sec. 3. A credit union may not commence business until it submits a completed set of bylaws to the department. The department shall have a form of bylaws prepared, consistent with this chapter, which shall be used by credit union incorporators. Bylaws shall be available to persons desiring to organize a credit union. Formerly: Acts […]
Formerly: Acts 1961, c.182, s.30. As amended by P.L.263-1985, SEC.181. Repealed by P.L.263-1995, SEC.31.
Sec. 31. Every credit union shall make provisions for adequate fidelity coverage for all directors, officers, and employees having access to money or bonds of the credit union. The amount and form of fidelity coverage must be approved annually by the board of directors of the credit union. Coverage may be provided: (1) in the […]
