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6,137 statutes · page 294 of 307
United States — Utah legislation
20 statutes shown from 6,137 source-backed records
Supervisory committee -- Duties -- Suspension or removal of officer, director, or credit committee member. Appointees to the supervisory committee shall hold office until the next annual meeting of the members and until successors are
Board and committee members may not receive compensation for service as such, but reasonable expense reimbursement is not treated as compensation; authorized credit union members may be compensated or reimbursed with board approval; the board sets a president’s compensation.
A credit union’s capital is unlimited; members must buy at least one share and pay the initial installment, and the share par value must be paid within six months.
Loans to members -- Investment officers -- Investments. Subject to Subsections 7-9-20(7) and (8) and Section 7-9-58 , capital and surplus of the credit union shall be loaned to the members for the purposes and upon the endorsements or
A credit union may declare and pay dividends only after required reserves are allocated, and its board and bylaws govern how dividends and interest refunds are authorized.
The board of directors must review and either approve or deny certain loan applications involving listed credit union officials.
A credit union must establish an allowance account for loan losses, starting January 1, 1984.
This section defines several credit-union terms used in the chapter.
This section defines "risk assets" and requires credit unions to set aside regular reserves from gross income from member loans, with different reserve percentages depending on age and asset size.
A credit union may hold certain share accounts, certificates, or deposits in trust if the trustor, trustee, or primary beneficiary is a member. The trustee must exercise the trust’s rights as a credit union member.
Joint accounts -- Accounts providing for payment to designated person on death of owner or owners. If a deposit or share account is opened in any credit union in the name of two or more persons, whether minor or adult, in such form that
A credit union may claim a lien and setoff against a member’s qualifying accounts for amounts the member owes it, and may perfect a security interest by restricting withdrawals.
Tax exemption of credit unions. Except as otherwise provided in this section, credit unions organized under this chapter or prior law are exempt from taxation. Any real property or any tangible personal property owned by the credit union
Dissolution. A credit union may be dissolved upon a majority vote of the entire membership. A copy of a notice of a special meeting to consider the matter shall be mailed to the members of the credit union at least 10 days before the date
Members of certain dissolved, merged, consolidated, transferred, or acquired credit unions may become members of another existing credit union if it has a related field of membership and the commissioner approves.
Voluntary merger. A credit union may merge with another credit union under the existing charter of the other credit union when all of the following have occurred: the majority of the directors of each merging credit union votes in favor of
If a credit union is merged with another credit union in a supervisory action, the commissioner may allow the surviving credit union to have a larger field of membership than Section 7-9-51 would otherwise permit.
A credit union must keep its books, records, accounting systems, and procedures according to rules the commissioner may set or Chapter 1. The commissioner must consider the credit union’s size and ability to comply when setting those rules. A credit union is not liable for destroying records after the required retentio
A qualifying credit union may be established as a corporate central credit union in the state, and that entity must follow reserve-transfer and reserve-maintenance rules, plus limits on charges to its central reserve.
Insurance of shares and deposits -- Security on shares and deposits. Except as provided in Subsection (2) , a credit union subject to the jurisdiction of the department shall obtain and maintain insurance on shares and deposits from the
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