§ 19-5-27. Interstate credit unions. A credit union chartered in another state shall be permitted to do business in Rhode Island if credit unions may do business in the other state, under terms and conditions no more onerous than the laws of the state of Rhode Island, as determined by the director, or the director’s […]
§ 19-5-28. Severability. If any provision of this chapter or the application of this chapter to any person or circumstances is held invalid or unconstitutional, the invalidity or unconstitutionality shall not affect other provisions or applications of this chapter that can be given effect without the invalid or unconstitutional provision or application, and to this […]
§ 19-5-29. Savings promotion raffle. (a) If authorized by the credit union board of directors, a credit union registered to do business in the State of Rhode Island may conduct a savings promotion raffle, provided that it has given the department of business regulation prior written notice of its intent to conduct such a raffle. […]
§ 19-5-3. Membership of credit unions. After organization of any credit union has been completed, nothing in this chapter shall be construed to debar from membership any fraternal organization, voluntary association, partnership, or corporation. History of Section.P.L. 1995, ch. 82, § 43.
§ 19-5-4. Contents of bylaws. (a) The director, or the director’s designee, shall promulgate regulations that prescribe the form and content of the credit union’s bylaws that shall, if not contrary to state law, reflect the guidelines of the federal credit union model bylaws and amendment provisions. (b) No credit union seeking formation shall operate […]
§ 19-5-5. Shares or deposits held jointly. Whenever payment for shares or deposits has been made in any credit union in the name of two (2) or more persons and payable to either, or any, or the survivor, payment of the amount due on the shares or deposits, or any part, or any interest, or […]
§ 19-5-6. Demand deposits. (a) A credit union may offer demand deposits to its members provided the following conditions are met: (1) That the credit union has shares and deposits of one million dollars ($1,000,000) or more; (2) Every credit union shall maintain reserves as required by the provisions with respect to reserve funds and […]
§ 19-5-7. Voting rights. No person shall be entitled to vote at any meeting who has not been a member of the credit union for more than three (3) months, but this restriction shall not apply during the first year of the existence of the credit union, nor shall it apply during the first three […]
§ 19-5-8. Election and terms of directors. (a) At the annual meeting, the members shall elect a board of directors, the number of which shall be fixed from time to time by the bylaws, provided, however, that there shall be a minimum of five (5) directors. The directors shall be elected to staggered three (3) […]
§ 19-5-9. Appointments and terms of supervisory committee members. (a) The board of directors shall appoint, or the membership shall elect, qualified members to a supervisory committee consisting of no fewer than three (3) members nor more than five (5) members. The director, or the director’s designee, shall issue guidelines defining a “qualified” supervisory committee […]
