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This entry was published on 2014-12-26
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Credit Unions
Banking (BNK) CHAPTER 2

Section 450. Incorporation; organization certificate.

450-a. Designation of low income credit union.

450-b. Designation of student branches.

451. Proposed bylaws.

451-a. Qualifications for membership.

452. When corporate existence begins; conditions precedent to

commencing business.

453. Corporate credit unions.

454. General powers.

455. Trust powers.

456. Limitations upon powers.

457. Capital.

458-a. Maintenance of reserves.

459. Allowance for loan loss.

460. Dividends to shareholders; conditions precedent.

461. Change of location; establishment of stations; extension

or revival of corporate existence.

462. Foreign credit unions.

463. Exemptions and individual liability of shareholders.

464. Manner of withdrawal; expulsion or suspension of members;

effect upon liabilities to credit unions.

465. Withdrawal of shares after voting to liquidate; notices

to shareholders.

466. Meetings of shareholders; voting.

467. Qualifications and disqualifications of directors and

committee members.

468. Oaths of directors, officers and members of committees.

469. Vacancies; change in number of directors.

470. Powers and duties of directors; not entitled to

compensation; disqualification of directors.

471. Duty of directors and officers.

472. Special duties of directors.

473. Loan officers, credit committee; duties.

474. Loan reports to directors.

475. Supervisory committee; powers and duties.

476. Officers; powers and duties.

477. Retirement and insurance benefits for officers and


478. Amendment of bylaws; approval of superintendent.

479. Credit union not liable for taxation.

480. Fiscal year.

481. Communications from department of financial services must

be submitted to directors and supervisory committee,

and noted in the minutes.

482. Reports to superintendent; penalty for failure to make.

483. Penalty for loans to non-members; recovery.

484. Penalty for use of term "credit union".

485. Entries in books; preservation of records.

486. Conversion of a federal credit union into a state credit


486-a. Retention of special additional mortgage recording tax

exemption for converted federal credit unions.

487. Conversion of a credit union into a federal credit union.

487-a. Conversion of a credit union into a mutual savings bank.