Arkansas Code Title 23, Subtitle 2, Chapter 35, Subchapter 6 - Operation
- § 23-35-601 - Powers Generally.
A credit union shall have power to: (1) Make contracts; (2) Sue and be sued in the name of the credit union; (3) Adopt...
- § 23-35-602 - Christmas and Other Thrift Clubs.
Christmas clubs, vacation clubs, and other thrift clubs, if provided for the use of members, shall be operated in accordance with such rules and...
- § 23-35-603 - Loans and Extensions of Credit in Advance.
(a) A credit union may loan to members for a provident or productive purpose and upon such security as the bylaws may provide and...
- § 23-35-604 - Investment of Funds.
Funds not used in loans to members may be invested: (1) In capital shares, obligations, or preferred stock issues of any agency or association...
- § 23-35-605 - Reserves.
(a) At the end of each accounting period, the gross income shall be determined. From this amount, there shall be set aside, as a...
- § 23-35-606 - Inability to Contact Members -- Transfer of Funds to Reserves.
(a) (1) If a credit union is unable to contact a member, beneficiary, or other person by first class mail at the last address...
- § 23-35-607 - Dividends.
(a) At such intervals as the board of directors of the credit union may authorize and after provision for required reserves, the board may...
- § 23-35-608 - Reduction of Assets.
When the losses of a credit union resulting from a depreciation in value of its loans or investments, or otherwise, exceed its undivided earnings...
- § 23-35-609 - Fiscal Year.
The fiscal year of all credit unions subject to the provisions of this chapter shall end on December 31.
- § 23-35-610 - Establishment of Subsidiary Offices.
(a) A credit union shall have the power to establish offices at locations other than its main office if the maintenance of those offices...
- § 23-35-611 - Records.
(a) All credit union records shall be kept for a period of five (5) years from the date of making them or from the...
Last modified: November 15, 2016