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Article 1. Supervision and Regulation
§31C-1-1. Definitions - In construing this chapter, the following definitions shall apply unless...
§31C-1-2. Authority of Commissioner and Board of Banking and Financial Institutions - The commissioner of the department of banking shall be responsible...
§31C-1-3. Powers of Commissioner - (a) The commissioner may prescribe rules to implement any provision...
§31C-1-4. Suspension; Involuntary Liquidation - (a) If it appears that any credit union is bankrupt,...
§31C-1-5. Examinations - (a) The commissioner shall examine, or cause to be examined,...
§31C-1-6. Records - (a) A credit union shall maintain all books, records, accounting...
§31C-1-7. Reports - (a) Credit unions shall report to the Commissioner semiannually during...
§31C-1-8. Assessments - The commissioner of banking shall charge and collect from each...
Article 2. Formation of Credit Union
§31C-2-1. Organization Procedure - (a) Any eight or more residents of this state, of...
§31C-2-2. Certification of Charter; and Certificate of Authority - (a) The commissioner shall review the incorporation agreement and bylaws...
§31C-2-3. Articles and Bylaws - (a) In order to simplify the organization of credit unions,...
§31C-2-4. Use of Name Exclusive - (a) The name of every credit union organized under this...
§31C-2-5. Branches and Other Service Facilities - (a) A credit union may change its principal place of...
§31C-2-6. Out-of-State Credit Unions - (a) A credit union organized under the laws of another...
§31C-2-7. Conducting Business Outside This State - A credit union incorporated under this chapter may conduct business...
§31C-2-8. Tax Exemption - (a) Any credit union organized under this or any other...
§31C-2-9. Credit Unions Heretofore Organized Need Not Obtain New Charter; Actions Validated - All credit unions which have been heretofore legally organized under...
Article 3. Powers of Credit Union
§31C-3-1. General Powers - In addition to the powers mentioned elsewhere in this chapter,...
§31C-3-2. Incidental Powers - A credit union may exercise all incidental powers that are...
§31C-3-3. Advantageous Federal Powers - Unless exercise of a power is specifically denied, the commissioner...
Article 4. Membership
§31C-4-1. Membership Defined - (a) The membership of a credit union shall consist of...
§31C-4-2. Organizations - (a) Organizations comprised primarily of individuals who are eligible for...
§31C-4-3. Membership Applications - The board of directors of the credit union shall act...
§31C-4-4. Members Who Cease to Be Eligible - Members who cease to be eligible for membership may be...
§31C-4-5. Liability and Expulsion of Members - (a) The members of the credit union shall not be...
§31C-4-6. Meetings of Members - (a) The annual meeting and any special meetings of the...
§31C-4-7. Calling of Special Meeting - (a) The supervisory committee by a majority vote may call...
Article 5. Direction of Credit Union Affairs
§31C-5-1. Authority and Responsibility of Directors - The credit union's board of directors shall have the authority...
§31C-5-2. Election of Directors and Selection of Supervisory and Credit Committee Members - (a) The credit union's board shall consist of an odd...
§31C-5-3. Record of Officials; and Filling Vacancies - (a) Within twenty days after each organization meeting, a record...
§31C-5-4. Compensation of Officials; and Conflicts of Interests - (a) No officer, director or committee member, other than an...
§31C-5-5. Officers - (a) At their organization meeting held within thirty days following...
§31C-5-6. Executive Committee - The credit union's board of directors may appoint from its...
§31C-5-7. Credit Committee and Loan Officers - (a) The credit committee shall have the general supervision of...
§31C-5-8. Audits - (a) The supervisory committee shall make or cause to be...
§31C-5-9. Fidelity Bonds, Required Oaths and Hazard Insurance - (a) As a condition precedent to qualification or entry upon...
§31C-5-10. Suspension and Removal of Officials - (a) The supervisory committee by a two-thirds vote of the...
§31C-5-11. Inspection of Books and Records by Members - (a) Each credit union shall keep at its principal office...
Article 6. Accounts
§31C-6-1. Share Accounts and Membership Shares - (a) Share accounts and membership shares (if any) shall be...
§31C-6-2. Dividends - (a) The credit union's board of directors shall establish the...
§31C-6-3. Deposit Accounts - (a) A credit union may accept deposit accounts from its...
§31C-6-4. Minor Accounts - Payments on share and deposit accounts may be received from...
§31C-6-5. Joint Accounts - (a) A member may designate any person or persons to...
§31C-6-6. Trust Accounts - (a) Share and deposit accounts may be owned by a...
§31C-6-7. Payable-on-Death Accounts - Notwithstanding any other provision of law a credit union may...
§31C-6-8. Liens - The credit union shall have a general lien on the...
§31C-6-9. Share and Deposit Insurance - (a) Before the incorporators of a credit union forward the...
§31C-6-10. Reduction in Shares - (a) Whenever the losses of any credit union, resulting from...
Article 7. Loans
§31C-7-1. Purpose and Conditions of Loans - A credit union may loan to members for such purposes...
§31C-7-2. Finance Charge - The finance charges imposed by the credit union on loans...
§31C-7-3. Additional Charges - (a) In addition to interest on loans, a credit union...
§31C-7-4. Applications - Except as provided for in section six, article seven of...
§31C-7-5. Loan Limit; Collateral Requirements; and Repayment - (a) The aggregate of loans to any one member shall...
§31C-7-6. Line of Credit - (a) Upon written application by a member, the credit committee...
§31C-7-7. Participation Loans - A credit union may participate in loans to credit union...
§31C-7-8. Other Loan Programs - (a) A credit union may participate in any guaranteed loan...
§31C-7-9. Loans to Officials - (a) A credit union may permit officers, directors, and members...
Article 8. Other Member Services
§31C-8-1. Insurance for Members - A credit union may purchase or make available credit life...
§31C-8-2. Indemnification of Officers - A credit union may indemnify its officers, directors or employees...
§31C-8-3. Group Purchasing - A credit union may enter into marketing arrangements and joint...
§31C-8-4. Money-Type Instruments - A credit union may collect, receive and disburse moneys in...
§31C-8-5. Retirement Accounts and Trust Authority - A credit union may provide pension savings programs and deferred...
Article 9. Investments and Reserve Allocations
§31C-9-1. Investment and Deposit of Funds - (a) The credit union's board of directors shall have charge...
§31C-9-2. Authorized Investments - Funds not used in loans to members may be invested:...
§31C-9-3. Reserve Funds - (a) At the end of each accounting period the credit...
Article 10. Change in Corporate Status
§31C-10-1. Voluntary Liquidation - (a) A credit union may elect to dissolve voluntarily and...
§31C-10-2. Merger of Credit Unions - (a) A credit union organized under this chapter may, with...
§31C-10-3. Conversion - (a) A credit union incorporated under the laws of this...
Article 11. Corporate Credit Union
§31C-11-1. Incorporation - A corporate credit union may be incorporated under this article....
§31C-11-2. Purposes - The purposes of the corporate credit union are to: (a)...
§31C-11-3. Membership - (a) Membership in the corporate credit union shall consist of...
§31C-11-4. Organization - (a) Application to form a corporate credit union shall be...
§31C-11-5. Powers and Privileges - (a) The corporate credit union shall enjoy the powers and...
§31C-11-6. Participation in Central System - The corporate credit union may enter into agreements and subscribe...
§31C-11-7. Security Interest - The corporate credit union may require and accept security for...
§31C-11-8. Meetings - The board of directors of the corporate credit union shall...
§31C-11-9. Fees - Corporate credit unions shall pay the assessment and fees set...
§31C-11-10. Reserves - (a) The corporate credit union shall be exempt from the...
§31C-11-11. Annual Audit - (a) The supervisory committee of the corporate credit union shall...
§31C-11-12. Securities Exemption - The corporate credit union shall be exempt from the securities...
Article 12. Penalties
§31C-12-1. Criminal Liability - Any credit union officer, director, employee or agent, who willfully...
§31C-12-2. Penalty for False Reports - Whoever maliciously and knowingly spreads false reports about the management...
§31C-12-3. Civil Penalties - Any person who violates this chapter, the rules issued pursuant...