Chapter17. CREDIT UNIONS.  


Article 1. General Provisions.
§ 5-17-1. "Credit union" defined.
§ 5-17-2. Procedure for organization and incorporation generally.
§ 5-17-3. Use of words "credit union" in name or title.
§ 5-17-4. Powers generally.
§ 5-17-5. Membership.
§ 5-17-6. Withdrawal of members; expulsion for cause; termination of membership; readmission.
§ 5-17-7. Operating fees; fee filed with certificate of organization.
§ 5-17-8. Reports to Administrator of Alabama Credit Union Administration; powers of administrator.
§ 5-17-9. Fiscal year; meetings of members; amendment of bylaws.
§ 5-17-10. Election of board of directors, credit committee and supervisory committee.
§ 5-17-11. Election of officers; duties of officers and directors; compensation; liability.
§ 5-17-12. Powers and duties of credit committee.
§ 5-17-13. Powers and duties of supervisory committee.
§ 5-17-14. Capital; lien on shares and deposits of members; entrance fee.
§ 5-17-15. Deposits for minor or trust beneficiaries; deposits in names of two persons.
§ 5-17-16. Disposition of shares or deposit account of deceased person.
§ 5-17-17. Loans to members, directors, officers, etc.
§ 5-17-18. Interest rates and finance charges on loans; late charge.
§ 5-17-19. Insurance and reserves.
§ 5-17-20. Dividends.
§ 5-17-21. Voluntary dissolution.
§ 5-17-22. Merger and conversion procedures.
§ 5-17-23. Change of place of business.
§ 5-17-24. Taxation.
§ 5-17-25. Alabama Credit Union League - Advance payment of dues by member credit unions.
§ 5-17-26. Alabama Credit Union League - Issuance of advance dues certificates to member credit unions.
§ 5-17-27. Alabama Credit Union League - Amortization of credit represented by advance dues certificate.
§ 5-17-28. Alabama Credit Union League - Redemption and purchase of advance dues certificate upon dissolution, etc., of member credit union.
§ 5-17-29. Penalties - Concealment of discounts or loans.
§ 5-17-30. Penalties - Overdraws; receipt of commission, emolument, etc., for procuring loans.
§ 5-17-31. Penalties - Receipt of property other than in payment for just demand.
§ 5-17-32. Penalties - False or omitted entries.
Article 2. Alabama Credit Union Administration.
§ 5-17-40. Alabama Credit Union Administration created; functions; transfer of authority previously vested in State Banking Department.
§ 5-17-41. Administrator - Appointment; vacancy; eligibility.
§ 5-17-42. Administrator - Oath; bond.
§ 5-17-43. Official seal; use of sealed papers as evidence; recording.
§ 5-17-44. Removal from office of administrator or board member.
§ 5-17-45. Legislative findings; authority to expand powers of credit unions; out-of-state credit unions doing business in state; supervisory agreements.
§ 5-17-46. Policies, regulations, and interpretations; review for ratification; procedure for adopting, amending or repealing.
§ 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.
§ 5-17-48. Annual report; public distribution of report and other material.
§ 5-17-49. Violations to be submitted to grand jury.
§ 5-17-50. Employment and compensation of necessary personnel; assistant administrator.
§ 5-17-51. Immunity from personal liability.
§ 5-17-52. Oath and duties of examiner.
§ 5-17-53. Furnishing of commission to examiner; exhibit to credit union upon making examination.
§ 5-17-54. Bond of examiners and office assistants.
§ 5-17-55. Credit Union Board created; membership; terms of office; vacancies; appeals to board from actions of administrator.
§ 5-17-56. Meetings.
§ 5-17-57. Quorum.
§ 5-17-58. Compensation and expenses of board members.
§ 5-17-59. Applicability of Alabama Business Corporation Act.