(a) The administrator may, with the concurrence of a majority of the members of the Credit Union Board, promulgate such reasonable regulations, consistent with the laws of this state, as may be necessary to carry out the laws over which the Alabama Credit Union Administration has jurisdiction. The administrator shall, in addition, issue written interpretations of credit union laws and regulations. Any credit union and any officer or director thereof relying on any regulation or interpretation shall be fully protected even though the same regulation or interpretation shall be thereafter ruled invalid for any reason by a court of competent jurisdiction.
(b) Any policy or written interpretation or credit union laws and regulations shall be reviewed for ratification by the Credit Union Board within 90 days after written request for an interpretation by any member of the Credit Union Board. The policy or written interpretation of credit union laws and regulations shall be invalidated unless a majority of the members of the Credit Union Board ratify the interpretation or policy.
(c) The procedure for adopting, amending, or repealing regulations and for the review or ratification of any policy or interpretation shall be the procedure specified in Section 5-17-47.
Structure Code of Alabama
Title 5 - Banks and Financial Institutions.
Article 2 - Alabama Credit Union Administration.
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 5-17-48 - 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 5-17-54 - 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 5-17-58 - 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.