§811. Applicable law; powers 1. Organized under this Title. Every credit union lawfully organized shall be subject to the provisions of this Part and all regulations issued hereunder. [PL 1975, c. 500, §1 (NEW).] 2. Chartered by special Act. Chapters 81 through 88 shall not be construed as repealing, modifying or amending the provisions […]
§812. Permission to organize 1. Organizers. Any number of persons, but not less than 10, all of whom shall be residents of this State, may apply in writing to the superintendent for permission to organize a credit union for the purposes of encouraging thrift among its members, creating a source of credit at legitimate rates […]
§813. Organization Upon receipt of a permission to organize pursuant to section 812, the organizers shall comply with the following requirements: [PL 1975, c. 500, §1 (NEW).] 1. Conformance with law. Other than as provided herein, a credit union must be organized in accordance with Title 13-C. [RR 2001, c. 2, Pt. B, […]
§814. Membership requirements 1. Field of membership. “Field of membership” of a credit union means those persons, including nonnatural persons, having a common bond of occupation or association; multiple groups of such persons, each group having a common bond of occupation or association within that group; residence or employment within a well-defined neighborhood, community or […]
§815. Supervision and examination Credit unions are under the supervision of the superintendent; and Part 2 of this Title is applicable to credit unions in the same manner as that Part applies to financial institutions in general. [PL 1995, c. 24, §5 (AMD).] SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1975, c. […]
§816. Out-of-state credit unions 1. Approval and findings of superintendent. A credit union organized in another state may establish a branch office as a credit union in this State with the approval of the superintendent. The superintendent shall find that the out-of-state credit union: A. Is a credit union organized under laws similar to […]
§817. Community development credit unions 1. Designation. A credit union may apply to the superintendent in writing for designation as a community development credit union for the purposes of promoting economic revitalization and community development by providing financial services primarily to low-income individuals. [PL 1997, c. 108, §6 (NEW).] 2. Shares and deposit accounts […]
