United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-9-6

Certain incorporators may form a corporation to conduct a credit union only with the commissioner’s approval, and the commissioner may approve it only if specified findings are made.

Source excerpt

commissioner approvalcompliancecorporate formationcorporate governancecredit unionsfederal insurancefinancial viabilityformationformation requirementsmembershipmembership eligibilitymembership field

Jurisdiction: United States — Utah
Status: In force
Dates: Legal dates not recorded

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“Certain incorporators may form a corporation to conduct a credit union only with the commissioner’s approval, and the commissioner may approve it only if specified findings are made.”

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Formation of corporation to conduct credit union -- Approval of commissioner.

Certain incorporators may form a corporation to conduct a credit union only with the commissioner’s approval, and the commissioner may approve it only if specified findings are made.

Section 7-9-6

Subsection 7-9-6(1)(a)(iii)

Chapter 1, General Provisions .

Section 7-9-6(1)(a)(iii)

Subsection 7-9-6(1)(b)(ii)(C)

the corporation's shareholders or members.

Section 7-9-6(1)(b)(ii)(C)

Subsection 7-9-6(2)(d)

formation of the credit union would not result in a substantial adverse financial impact on an existing credit union having the same or substantially the same field of membership.

Section 7-9-6(2)(d)

Subsection 7-9-6(3)(b)(ii)

A credit union may not be required to obtain federal insurance if it complies with Subsection 7-9-45(2).

Section 7-9-6(3)(b)(ii)

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Showing 22 of 22 provisions

Provision 22

§ 7-9-6Formation of corporation to conduct credit union -- Approval of commissioner.Provision

Source excerpt

Certain incorporators may form a corporation to conduct a credit union only with the commissioner’s approval, and the commissioner may approve it only if specified findings are made.

Formation of corporation to conduct credit union -- Approval of commissioner. Ten or more incorporators belonging to the same group of 200 persons or more having a field of membership may, with the approval of the commissioner, form a corporation to conduct a credit union under: this chapter; Title 16, Chapter 10a, Utah Revised Business Corporation Act ; and Chapter 1, General Provisions . This chapter takes precedence over conflicting provisions of other state law governing: the formation of the corporation; and the duties and obligations of: the corporation; the corporation's officers; and the corporation's shareholders or members. The commissioner may grant the approval referenced in Subsection (1) if the commissioner finds that: the proposed field of membership is favorable to the success of the credit union; the standing of the proposed membership will give assurance that its affairs will be administered in accordance with this chapter; the proposed credit union has a reasonable promise of financial viability; and formation of the credit union would not result in a substantial adverse financial impact on an existing credit union having the same or substantially the same field of membership. Except as provided in Subsection (3)(b) and in addition to the requirements of Subsections (1) and (2) , Section 7-1-704 governs the formation of a credit union. Notwithstanding Subsection (3)(a) : if the proposed credit union has a field of membership that does not base eligibility on residence in a county, the persons seeking formation of the proposed credit union are not required to provide the notice required under Subsection 7-1-704(3) ; and a credit union may not be required to obtain federal insurance if the credit union complies with Subsection 7-9-45(2) .

Section 7-9-6Verify source

§ 7-9-6(1)Subsection 7-9-6(1)Provision

Source excerpt

Certain incorporators may form a corporation to conduct a credit union only with the commissioner’s approval.

Ten or more incorporators belonging to the same group of 200 persons or more having a field of membership may, with the approval of the commissioner, form a corporation to conduct a credit union under: this chapter; Title 16, Chapter 10a, Utah Revised Business Corporation Act ; and Chapter 1, General Provisions . This chapter takes precedence over conflicting provisions of other state law governing: the formation of the corporation; and the duties and obligations of: the corporation; the corporation's officers; and the corporation's shareholders or members.

Section 7-9-6(1)Verify source

§ 7-9-6(1)(a)Subsection 7-9-6(1)(a)Provision

Source excerpt

At least ten incorporators from the same membership group of 200 or more may form a credit union corporation if the commissioner approves.

Section 7-9-6(1)(a)Verify source

§ 7-9-6(1)(a)(i)Subsection 7-9-6(1)(a)(i)Provision

Source excerpt

This text refers to this chapter.

this chapter;

Section 7-9-6(1)(a)(i)Verify source

§ 7-9-6(1)(a)(ii)Subsection 7-9-6(1)(a)(ii)Provision

Source excerpt

Title 16, Chapter 10a, Utah Revised Business Corporation Act ; and

Section 7-9-6(1)(a)(ii)Verify source

§ 7-9-6(1)(a)(iii)Subsection 7-9-6(1)(a)(iii)Provision

Source excerpt

Chapter 1, General Provisions .

Section 7-9-6(1)(a)(iii)Verify source

§ 7-9-6(1)(b)Subsection 7-9-6(1)(b)Provision

Source excerpt

This chapter takes precedence over conflicting provisions of other state law governing: the formation of the corporation; and the duties and obligations of: the corporation; the corporation's officers; and the corporation's shareholders or

Section 7-9-6(1)(b)Verify source

§ 7-9-6(1)(b)(i)Subsection 7-9-6(1)(b)(i)Provision

Source excerpt

the formation of the corporation; and

Section 7-9-6(1)(b)(i)Verify source

§ 7-9-6(1)(b)(ii)Subsection 7-9-6(1)(b)(ii)Provision

Source excerpt

This provision identifies the corporation, its officers, and its shareholders or members as subjects of duties and obligations.

the duties and obligations of: the corporation; the corporation's officers; and the corporation's shareholders or members.

Section 7-9-6(1)(b)(ii)Verify source

§ 7-9-6(1)(b)(ii)(A)Subsection 7-9-6(1)(b)(ii)(A)Provision

Source excerpt

References the corporation.

the corporation;

Section 7-9-6(1)(b)(ii)(A)Verify source

§ 7-9-6(1)(b)(ii)(B)Subsection 7-9-6(1)(b)(ii)(B)Provision

Source excerpt

the corporation's officers; and

Section 7-9-6(1)(b)(ii)(B)Verify source

§ 7-9-6(1)(b)(ii)(C)Subsection 7-9-6(1)(b)(ii)(C)Provision

Source excerpt

the corporation's shareholders or members.

Section 7-9-6(1)(b)(ii)(C)Verify source

§ 7-9-6(2)Subsection 7-9-6(2)Provision

Source excerpt

The commissioner may grant the referenced approval if four findings are made about the proposed field of membership, membership standing, financial viability, and no substantial adverse impact on an existing credit union.

The commissioner may grant the approval referenced in Subsection (1) if the commissioner finds that: the proposed field of membership is favorable to the success of the credit union; the standing of the proposed membership will give assurance that its affairs will be administered in accordance with this chapter; the proposed credit union has a reasonable promise of financial viability; and formation of the credit union would not result in a substantial adverse financial impact on an existing credit union having the same or substantially the same field of membership.

Section 7-9-6(2)Verify source

§ 7-9-6(2)(a)Subsection 7-9-6(2)(a)Provision

Source excerpt

the proposed field of membership is favorable to the success of the credit union;

Section 7-9-6(2)(a)Verify source

§ 7-9-6(2)(b)Subsection 7-9-6(2)(b)Provision

Source excerpt

The proposed membership’s standing is intended to assure that its affairs will be administered in accordance with this chapter.

the standing of the proposed membership will give assurance that its affairs will be administered in accordance with this chapter;

Section 7-9-6(2)(b)Verify source

§ 7-9-6(2)(c)Subsection 7-9-6(2)(c)Provision

Source excerpt

the proposed credit union has a reasonable promise of financial viability; and

Section 7-9-6(2)(c)Verify source

§ 7-9-6(2)(d)Subsection 7-9-6(2)(d)Provision

Source excerpt

formation of the credit union would not result in a substantial adverse financial impact on an existing credit union having the same or substantially the same field of membership.

Section 7-9-6(2)(d)Verify source

§ 7-9-6(3)Subsection 7-9-6(3)Provision

Source excerpt

If a proposed credit union’s membership is not based on county residence, the organizers do not have to give the notice required by Subsection 7-1-704(3); and a credit union may not be required to obtain federal insurance if it complies with Subsection 7-9-45(2).

Except as provided in Subsection (3)(b) and in addition to the requirements of Subsections (1) and (2) , Section 7-1-704 governs the formation of a credit union. Notwithstanding Subsection (3)(a) : if the proposed credit union has a field of membership that does not base eligibility on residence in a county, the persons seeking formation of the proposed credit union are not required to provide the notice required under Subsection 7-1-704(3) ; and a credit union may not be required to obtain federal insurance if the credit union complies with Subsection 7-9-45(2) .

Section 7-9-6(3)Verify source

§ 7-9-6(3)(a)Subsection 7-9-6(3)(a)Provision

Source excerpt

Except for Subsection (3)(b), and in addition to Subsections (1) and (2), Section 7-1-704 governs the formation of a credit union.

Except as provided in Subsection (3)(b) and in addition to the requirements of Subsections (1) and (2) , Section 7-1-704 governs the formation of a credit union.

Section 7-9-6(3)(a)Verify source

§ 7-9-6(3)(b)Subsection 7-9-6(3)(b)Provision

Source excerpt

If the proposed credit union’s membership is not based on county residence, the organizers do not have to give the notice required by Subsection 7-1-704(3). A credit union also may not be required to obtain federal insurance if it complies with Subsection 7-9-45(2).

Notwithstanding Subsection (3)(a) : if the proposed credit union has a field of membership that does not base eligibility on residence in a county, the persons seeking formation of the proposed credit union are not required to provide the notice required under Subsection 7-1-704(3) ; and a credit union may not be required to obtain federal insurance if the credit union complies with Subsection 7-9-45(2) .

Section 7-9-6(3)(b)Verify source

§ 7-9-6(3)(b)(i)Subsection 7-9-6(3)(b)(i)Provision

Source excerpt

If the proposed credit union’s membership is not based on county residence, the persons seeking formation do not have to give the notice required by Subsection 7-1-704(3).

if the proposed credit union has a field of membership that does not base eligibility on residence in a county, the persons seeking formation of the proposed credit union are not required to provide the notice required under Subsection 7-1-704(3) ; and

Section 7-9-6(3)(b)(i)Verify source

§ 7-9-6(3)(b)(ii)Subsection 7-9-6(3)(b)(ii)Provision

Source excerpt

A credit union may not be required to obtain federal insurance if it complies with Subsection 7-9-45(2).

a credit union may not be required to obtain federal insurance if the credit union complies with Subsection 7-9-45(2) .

Section 7-9-6(3)(b)(ii)Verify source

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Utah Code § 7-9-6

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