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Subchapter 1 - General Provisions
§ 23-35-101. Definition and purpose of credit union or central credit union - A credit union or central credit union is a cooperative...
§ 23-35-102. Operation of central credit unions - (a) A central credit union may be organized and operated...
§ 23-35-103. Taxation - A credit union shall be deemed an institution for savings...
§ 23-35-104. Insurance of accounts - (a) Each credit union organized under this chapter shall obtain...
Subchapter 2 - Supervision
§ 23-35-201. Credit Union Division — State Credit Union Supervisor — Staff - There is created under the State Securities Department a Credit...
§ 23-35-202. Authority of State Credit Union Supervisor — Rules and regulations - (a) All state-chartered credit unions shall be supervised and regulated...
§ 23-35-203. Annual examination of credit unions - (a) The State Credit Union Supervisor shall cause each credit...
§ 23-35-204. Reports — Penalty for failure to file - (a) Credit unions subject to the provisions of this chapter...
§ 23-35-205. Annual supervision fee - Each credit union subject to the provisions of this chapter...
Subchapter 3 - Organization
§ 23-35-301. Procedure for obtaining charter - (a) Any seven (7) or more residents of the State...
§ 23-35-302. Amendments to articles of incorporation and bylaws - (a) The articles of incorporation and the bylaws may be...
§ 23-35-303. Board of directors and committees generally - (a) The business affairs of the credit union shall be...
§ 23-35-304. Duties of board of directors - (a) The board of directors of the credit union shall...
§ 23-35-305. Officers — Selection, term, and oath - (a) Within ten (10) days following the organizational meeting and...
§ 23-35-306. Credit committee — Loan officers - (a) (1) The credit committee of the credit union shall...
§ 23-35-307. Supervisory committee - (a) The supervisory committee of the credit union shall make...
§ 23-35-308. Compensation of officers, directors, committee members, and employees - (a) No officer, director, or committee member of the credit...
Subchapter 4 - Membership
§ 23-35-401. Membership requirements - (a) The membership of a credit union shall be limited...
§ 23-35-402. Nonliability of members - The members of the credit union shall not be personally...
§ 23-35-403. Meetings — Voting - (a) The annual meeting and special meetings shall be held...
§ 23-35-404. Expulsion of members - (a) A member of a credit union may be expelled...
Subchapter 5 - Shares
§ 23-35-501. Shares generally — Liens on shares - (a) A “share” is a term applied to each five...
§ 23-35-502. Shares in name of minor - (a) Shares may be issued in the name of a...
§ 23-35-503. Shares issued in trust - (a) Shares may be issued in the name of a...
§ 23-35-504. Joint tenancy in shares and accounts - A member may designate any person to hold shares and...
Subchapter 6 - Operation
§ 23-35-601. Powers generally - A credit union shall have power to: (1) Make contracts;...
§ 23-35-602. Christmas and other thrift clubs - Christmas clubs, vacation clubs, and other thrift clubs, if provided...
§ 23-35-603. Loans and extensions of credit in advance - (a) A credit union may loan to members for a...
§ 23-35-604. Investment of funds - Funds not used in loans to members may be invested:...
§ 23-35-605. Reserves - (a) At the end of each accounting period, the gross...
§ 23-35-606. Inability to contact members — Transfer of funds to reserves - (a) (1) If a credit union is unable to contact...
§ 23-35-607. Dividends — Definition - (a) At such intervals as the board of directors of...
§ 23-35-608. Reduction of assets - When the losses of a credit union resulting from a...
§ 23-35-609. Fiscal year - The fiscal year of all credit unions subject to the...
§ 23-35-610. Establishment of subsidiary offices - (a) A credit union shall have the power to establish...
§ 23-35-611. Records - (a) All credit union records shall be kept for a...
Subchapter 7 - Merger, Conversion, or Dissolution
§ 23-35-701. Merger - (a) Any credit union other than a central credit union...
§ 23-35-702. Conversion to or from federal credit union - The State Credit Union Supervisor shall issue rules to permit...
§ 23-35-703. Voluntary dissolution - A credit union may elect to dissolve voluntarily and wind...
§ 23-35-704. Suspension of operations — Involuntary liquidation - (a) If it shall appear that any credit union is...
§ 23-35-705. Procedure for liquidation or dissolution - (a) The credit union shall continue in existence for the...
Subchapter 8 - Prohibited Practices
§ 23-35-801. Misleading conduct or use of words “credit union” - (a) It is unlawful for any person, corporation, copartnership, or...
§ 23-35-802. Commission or compensation for sale of shares, grant of loans, etc - No credit union shall pay or receive any commission or...
§ 23-35-803. Prohibited actions by officers, directors, agents, etc - (a) (1) It is unlawful for any officer, director, committee...
§ 23-35-804. Compensation of directors or committee members - (a) With the exception of the treasurer of the credit...