(a) The commissioner, upon a finding that the credit union is bankrupt, insolvent, or is operating in an unsafe or unsound manner or that the credit union has violated the provisions of its articles of incorporation or bylaws, this chapter, or regulations adopted by the commissioner, may exercise the powers granted under AS 06.01.030 and temporarily suspend the operations of the credit union.
(b) The commissioner, under the regulations adopted by the commissioner, may permit operations to continue under conditions and procedures established by the commissioner, or direct the credit union to cease operations and appoint a liquidating agent to liquidate the credit union.
Structure Alaska Statutes
Title 6. Banks and Financial Institutions
Chapter 45. Alaska Credit Union Act
Sec. 06.45.010. Responsibility of commissioner.
Sec. 06.45.020. Formation of credit union.
Sec. 06.45.030. Approval of articles of incorporation and issuance of certificate of authority.
Sec. 06.45.050. Reports and examinations.
Sec. 06.45.060. Powers of a credit union; remedy for interest violations.
Sec. 06.45.080. Meetings of members.
Sec. 06.45.090. Management of credit union.
Sec. 06.45.110. Executive officers.
Sec. 06.45.120. Board of directors.
Sec. 06.45.130. Applications for membership.
Sec. 06.45.140. Powers and duties of credit committee.
Sec. 06.45.150. Loan restriction.
Sec. 06.45.170. Powers and duties of supervisory committee; suspension of committee members.
Sec. 06.45.200. Expulsion and withdrawal of members.
Sec. 06.45.210. Minors or trusts.
Sec. 06.45.220. Suspension, conditional operation, and liquidation.
Sec. 06.45.230. Exemption from taxation.
Sec. 06.45.250. Insurance of member accounts.
Sec. 06.45.260. Liquidity facility participation.
Sec. 06.45.270. Conflict of interest.
Sec. 06.45.290. Branch offices.
Sec. 06.45.295. Automated teller machines.
Sec. 06.45.300. Unauthorized conduct of credit union business.
Sec. 06.45.310. Transfer of credit union's property to preferred creditor is void.