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28-7-1-2. Repealed

Formerly: Acts 1961, c.182, s.2. Repealed by Acts 1977, P.L.294, SEC.14.

28-7-1-20. Repealed

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 Repealed by Acts 1976, P.L.123, SEC.3.

28-7-1-23. Loans to Members; Purposes; Repayment Plans; Direct Deposit

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 […]

28-7-1-25. Dividends

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; […]

28-7-1-26. Repealed

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 Repealed by P.L.35-2010, SEC.209.

28-7-1-26.5. Refusal to Make Payment From Account

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 […]

28-7-1-27.1. Dissolution

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 […]

28-7-1-28. Change of Place of Business

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: […]

28-7-1-3. Bylaws; Requirement to Commence Business; Form

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 […]

28-7-1-30. Repealed

Formerly: Acts 1961, c.182, s.30. As amended by P.L.263-1985, SEC.181. Repealed by P.L.263-1995, SEC.31.