Code of Alabama
Article 2 - Alabama Credit Union Administration.
Section 5-17-40 - Alabama Credit Union Administration Created; Functions; Transfer of Authority Previously Vested in State Banking Department.

THIS SECTION WAS AMENDED BY ACT 2018-470 IN THE 2018 REGULAR SESSION, EFFECTIVE JUNE 1, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
(a) There shall be an Alabama Credit Union Administration which shall administer the laws of this state which regulate or otherwise relate to credit unions in the state. The authority of the Alabama Credit Union Administration to perform such functions shall be exclusive and all authority regarding credit unions which was previously vested in the State Banking Department is hereby vested in the Alabama Credit Union Administration.
(b) If any of the provisions of this chapter are inconsistent with any other general or special law, this chapter shall control.

Structure Code of Alabama

Code of Alabama

Title 5 - Banks and Financial Institutions.

Chapter 17 - Credit Unions.

Article 2 - Alabama Credit Union Administration.

Section 5-17-40 - Alabama Credit Union Administration Created; Functions; Transfer of Authority Previously Vested in State Banking Department.

Section 5-17-41 - Administrator - Appointment; Vacancy; Eligibility.

Section 5-17-42 - Administrator - Oath; Bond.

Section 5-17-43 - Official Seal; Use of Sealed Papers as Evidence; Recording.

Section 5-17-44 - Removal From Office of Administrator or Board Member.

Section 5-17-45 - Legislative Findings; Powers of Credit Unions; Agreements; Reports.

Section 5-17-46 - Policies, Regulations, and Interpretations; Review for Ratification; Procedure for Adopting, Amending or Repealing.

Section 5-17-47 - Procedure for Adopting, Amending, or Repealing Regulations and Interpretations; Contesting Regulations.

Section 5-17-48 - Annual Report; Public Distribution of Report and Other Material.

Section 5-17-49 - Violations to Be Submitted to Grand Jury.

Section 5-17-50 - Employment and Compensation of Necessary Personnel; Assistant Administrator.

Section 5-17-51 - Immunity From Personal Liability.

Section 5-17-52 - Oath and Duties of Examiner.

Section 5-17-53 - Furnishing of Commission to Examiner; Exhibit to Credit Union Upon Making Examination.

Section 5-17-54 - Bond of Alabama Credit Union Administration Employees.

Section 5-17-55 - Credit Union Board Created; Composition; Appeals.

Section 5-17-56 - Meetings; Executive Sessions; Confidential Information.

Section 5-17-57 - Quorum.

Section 5-17-58 - Compensation and Expenses of Board Members.

Section 5-17-59 - Applicability of Alabama Business Corporation Act.

Section 5-17-60 - Confidentiality of Conditions and Affairs of Credit Unions; Disclosures.