A credit union shall be deemed an institution for savings and, together with all the accumulations therein, shall not be subject to taxation except as to real estate owned, as to the franchise tax required of other corporations and as to the excise tax required of financial institutions. The shares of a credit union shall not be subject to taxation or to a stock transfer tax when issued by the corporations or when transferred from one member to another.
Structure Code of Alabama
Title 5 - Banks and Financial Institutions.
Article 1 - General Provisions.
Section 5-17-1 - "Credit Union" Defined.
Section 5-17-2 - Procedure for Organization and Incorporation.
Section 5-17-3 - Use of Words "Credit Union" in Name or Title.
Section 5-17-4 - Powers Generally.
Section 5-17-6 - Withdrawal of Members; Expulsion for Cause; Termination of Membership; Readmission.
Section 5-17-7 - Operating Fees; Fee Filed With Certificate of Organization.
Section 5-17-8.1 - Investigatory and Enforcement Powers of Administrator, Board, Designee, Etc.
Section 5-17-9 - Fiscal Year; Meetings of Members; Amendment of Bylaws.
Section 5-17-10 - Election of Board of Directors, Credit Committee, and Supervisory Committee.
Section 5-17-11 - Election of Officers; Duties of Officers and Directors; Compensation; Liability.
Section 5-17-12 - Powers and Duties of Credit Committee.
Section 5-17-13 - Powers and Duties of Supervisory Committee.
Section 5-17-14 - Capital; Lien on Shares and Deposits of Members; Entrance Fee.
Section 5-17-15 - Deposits for Minor or Trust Beneficiaries; Deposits in Names of Two Persons.
Section 5-17-16 - Disposition of Shares or Deposit Account of Deceased Person.
Section 5-17-17 - Loans to Members, Directors, Officers, Etc.
Section 5-17-18 - Interest Rates and Finance Charges on Loans; Late Charge.
Section 5-17-19 - Insurance and Reserves.
Section 5-17-21 - Voluntary Dissolution.
Section 5-17-22 - Merger and Conversion Procedures.
Section 5-17-23 - Change of Place of Business.
Section 5-17-25 - Alabama Credit Union League - Advance Payment of Dues by Member Credit Unions.
Section 5-17-29 - Penalties - Concealment of Discounts or Loans.
Section 5-17-31 - Penalties - Receipt of Property Other Than in Payment for Just Demand.