There is a newer version of the Code of Alabama
2006 Alabama Code - Chapter 17 — CREDIT UNIONS.
Article 1 General Provisions.
- Section 5-17-1 — "Credit union" defined.
- Section 5-17-2 — Procedure for organization and incorporation generally.
- Section 5-17-3 — Use of words "credit union" in name or title.
- Section 5-17-4 — Powers generally.
- Section 5-17-5 — Membership.
- Section 5-17-6 — Expulsion or withdrawal of members.
- Section 5-17-7 — Operating fees; fee filed with certificate of organization.
- Section 5-17-8 — Reports to Administrator of Alabama Credit Union Administration; powers of administrator.
- Section 5-17-9 — Fiscal year; meetings of members; amendment of bylaws.
- Section 5-17-10 — Election of board of directors, credit committee and supervisory committee.
- Section 5-17-11 — Election of officers; duties of officers and directors generally; compensation of directors, etc.
- Section 5-17-12 — Powers and duties of credit committee.
- Section 5-17-13 — Powers and duties of supervisory committee.
- Section 5-17-14 — Capital; lien on shares and deposits of members; entrance fee.
- Section 5-17-15 — Deposits for minor or trust beneficiaries; deposits in names of two persons.
- Section 5-17-16 — Disposition of shares or deposit account of deceased person.
- Section 5-17-17 — Loans to members, directors, officers, etc.
- Section 5-17-18 — Interest rates and finance charges on loans; late charge.
- Section 5-17-19 — Insurance and reserves.
- Section 5-17-20 — Dividends.
- Section 5-17-21 — Voluntary dissolution.
- Section 5-17-22 — Merger and conversion procedures.
- Section 5-17-23 — Change of place of business.
- Section 5-17-24 — Taxation.
- Section 5-17-25 — Alabama Credit Union League - Advance payment of dues by member credit unions.
- Section 5-17-26 — Alabama Credit Union League - Issuance of advance dues certificates to member credit unions.
- Section 5-17-27 — Alabama Credit Union League - Amortization of credit represented by advance dues certificate.
- Section 5-17-28 — Alabama Credit Union League - Redemption and purchase of advance dues certificate upon dissolution, etc., of member credit union.
- Section 5-17-29 — Penalties - Concealment of discounts or loans.
- Section 5-17-30 — Penalties - Overdraws; receipt of commission, emolument, etc., for procuring loans.
- Section 5-17-31 — Penalties - Receipt of property other than in payment for just demand.
- Section 5-17-32 — Penalties - False or omitted entries.
Article 2 Alabama Credit Union Administration.
- Section 5-17-40 — Alabama Credit Union Administration created; functions; transfer of authority previously vested in State Banking Department.
- Section 5-17-41 — Administrator - Appointment; vacancy; eligibility.
- Section 5-17-42 — Administrator - Oath; bond.
- Section 5-17-43 — Official seal; use of sealed papers as evidence; recording.
- Section 5-17-44 — Removal from office of administrator or board member.
- Section 5-17-45 — Legislative findings; authority to expand powers of credit unions; out-of-state credit unions doing business in state; federally chartered credit unions.
- Section 5-17-46 — Policies, regulations, and interpretations; review for ratification; procedure for adopting, amending or repealing.
- Section 5-17-47 — Procedure for adopting, amending, or repealing regulations and interpretations; contesting regulation for failure to comply with procedure; action to determine validity or applicability.
- Section 5-17-48 — Annual report; public distribution of report and other material.
- Section 5-17-49 — Violations to be submitted to grand jury.
- Section 5-17-50 — Assistants, employees, attorneys, and special counsel.
- Section 5-17-51 — Immunity from personal liability.
- Section 5-17-52 — Oath and duties of examiner.
- Section 5-17-53 — Furnishing of commission to examiner; exhibit to credit union upon making examination.
- Section 5-17-54 — Bond of examiners and office assistants.
- Section 5-17-55 — Credit Union Board created; membership; terms of office; vacancies; appeals to board from actions of administrator.
- Section 5-17-56 — Notice of board meetings; how often held; location.
- Section 5-17-57 — Quorum.
- Section 5-17-58 — Compensation and expenses of board members.
- Section 5-17-59 — Applicability of Alabama Business Corporation Act.
Disclaimer: These codes may not be the most recent version. Alabama may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.