Alaska Statutes Title 06, Chapter 06.45 - Alaska Credit Union Act

• Sec. 06.45.010 Responsibility of Commissioner.
  (a) The commissioner shall administer this chapter.(b) The commissioner may by regulation define the powers of credit unions formed under this chapter and adopt...
• Sec. 06.45.020 Formation of Credit Union.
  (a) Seven or more natural persons who desire to form a credit union shall subscribe before an officer competent to administer oaths, articles of...
• Sec. 06.45.030 Approval of Articles of Incorporation and Issuance of Certificate of Authority.
  (a) The articles of incorporation shall be presented to the commissioner for approval. Before the certificate of authority is issued, the commissioner shall determine(1)...
• Sec. 06.45.040 Fees.
  (a) The commissioner shall assess a credit union a fee for expenses under AS 06.01.010 in processing an application(1) for approval of articles of...
• Sec. 06.45.050 Reports and Examinations.
  A credit union organized under this chapter is under the supervision of the commissioner and shall make an annual financial report to the commissioner...
• Sec. 06.45.060 Powers of a Credit Union; Remedy for Interest Violations.
  (a) A credit union has succession in its corporate name during its existence and may(1) enter into a contract;(2) sue and be sued;(3) adopt,...
• Sec. 06.45.070 Membership.
  Credit union membership consists of the incorporators and other persons and incorporated and unincorporated organizations, to the extent permitted by regulations adopted by the...
• Sec. 06.45.080 Meetings of Members.
  The fiscal year of a credit union ends December 31. The annual meeting of a credit union shall be held within three months after...
• Sec. 06.45.090 Management of Credit Union.
  (a) The business affairs of a credit union are managed by (1) a board of not less than five directors; (2) a credit committee...
• Sec. 06.45.100 Compensation.
  A member of the board of directors or of the credit or supervisory committees may not be compensated for service on the board of...
• Sec. 06.45.110 Executive Officers.
  (a) At its first meeting after the annual meeting of the members, the board of directors shall elect from its membership the executive officers...
• Sec. 06.45.120 Board of Directors.
  (a) The board of directors shall meet at least once a month and shall have the general direction and control of the business affairs...
• Sec. 06.45.130 Applications for Membership.
  (a) The board of directors shall establish procedures for the review and approval of applications for membership in the credit union.(b) Each month the...
• Sec. 06.45.140 Powers and Duties of Credit Committee.
  (a) The credit committee shall hold meetings to consider applications for loans and lines of credit as the business of the credit union may...
• Sec. 06.45.150 Loan Restriction.
  A loan may not be made to a member if, on the making of the loan, the member would be indebted to the credit...
• Sec. 06.45.160 Security.
  For the purposes of loans made under this chapter, an assignment of shares or the endorsement of a note constitutes security, and, subject to...
• Sec. 06.45.170 Powers and Duties of Supervisory Committee; Suspension of Committee Members.
  (a) The supervisory committee shall conduct an annual audit of the accounts of the credit union and submit a report of the audit to...
• Sec. 06.45.180 Reserves.
  (a) At the end of each accounting period the gross income of the credit union shall be determined. From this amount, there shall be...
• Sec. 06.45.190 Dividends.
  At intervals as the board of directors may authorize and after provision for required reserves, the board of directors may declare, under regulations adopted...
• Sec. 06.45.200 Expulsion and Withdrawal of Members.
  A member may be expelled by a two-thirds vote of the members of a credit union present at a special meeting called for the...
• Sec. 06.45.210 Minors or Trusts.
  Shares of a credit union may be issued in the name of a minor or in trust, subject to conditions prescribed by the bylaws....
• Sec. 06.45.220 Suspension, Conditional Operation, and Liquidation.
  (a) The commissioner, upon a finding that the credit union is bankrupt, insolvent, or is operating in an unsafe or unsound manner or that...
• Sec. 06.45.230 Exemption From Taxation.
  A credit union organized under this chapter, its property, franchises, capital, reserves, surpluses, and other funds, and its income are exempt from taxation by...
• Sec. 06.45.240 Conversions.
  (a) A federal credit union may convert into a credit union organized under this chapter by complying with applicable federal law and by qualifying...
• Sec. 06.45.250 Insurance of Member Accounts.
  A credit union organized under this chapter shall, under regulations adopted by the commissioner, participate in insurance of member accounts under programs offered by...
• Sec. 06.45.260 Liquidity Facility Participation.
  A credit union organized under this chapter may, under regulations adopted by the commissioner, participate in the programs offered by the National Credit Union...
• Sec. 06.45.270 Conflict of Interest.
  (a) A member of the board of directors or a member of the credit committee or supervisory committee or an employee of a credit...
• Sec. 06.45.280 Merger.
  (a) A credit union may merge with another credit union under a plan agreed upon by a majority of the board of directors of...
• Sec. 06.45.290 Branch Offices.
  A credit union may establish a branch office under regulations of the commissioner.
• Sec. 06.45.295 Automated Teller Machines.
  (a) A state credit union may establish, maintain, and operate an automated teller machine on the premises of the main office or a branch...
• Sec. 06.45.300 Unauthorized Conduct of Credit Union Business.
  It is a class A misdemeanor for a natural person to conduct business under a name or title that contains the words "credit union"...
• Sec. 06.45.310 Transfer of Credit Union's Property to Preferred Creditor is Void.
  The transfer of property, money, or assets by a credit union after it becomes insolvent, to prefer one creditor over another, or to prevent...
• Sec. 06.45.320 , 06.45.330. Unlawful Deceit of Commissioner or Examiners; Receipt of Deposits While Insolvent. [Repealed, Sec. 102 Ch 26 Sla 1993].
  Repealed or Renumbered
• Sec. 06.45.340 Limitations on Credit Unions.
  A credit union may not acquire control directly or indirectly of another financial institution or invest in shares, stocks, or obligations of an insurance...
• Sec. 06.45.400 Definitions.
  In this chapter,(1) "commissioner" means the commissioner of commerce, community, and economic development;(2) "credit union" means a cooperative association organized in accordance with the...

Last modified: November 15, 2016