Utah Code Ann. tit. 7, ch. 9 – Utah Credit Union Act | Midpage

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Utah Code

Chapter 9

Utah Code Ann. tit. 7, ch. 9

Utah Credit Union Act

7-9-1Title.7-9-2Description of credit unions.7-9-3Definitions.7-9-5Powers of credit unions.7-9-6Formation of corporation to conduct credit union -- Approval of commissioner.7-9-7Forms furnished by commissioner.7-9-9Amendment of articles of incorporation.7-9-10Filing amendment.7-9-11Bylaws and amendments to be approved.7-9-12Contents of bylaws.7-9-13Fiscal year.7-9-14Meetings.7-9-15Appeals from board of directors or committees.7-9-16Members -- Eligibility -- Liability -- Grounds for closing account -- Denial of membership.7-9-17Membership officer -- Appointment -- Eligibility -- Function -- Appeals from.7-9-18Expulsion of member.7-9-19Payments to expelled members -- Liability of member not relieved by expulsion.7-9-20Board of directors -- Powers and duties -- Loan limitations.7-9-21Executive officers -- Election -- Power -- Terms.7-9-22Credit committee -- Credit manager.7-9-23Supervisory committee -- Duties -- Suspension or removal of officer, director, or credit committee member.7-9-24Compensation of directors, committee members, and president -- Expense reimbursement.7-9-25Shares -- Number unlimited -- Subscription and payment -- Par value -- Ownership required for membership -- Dormant accounts.7-9-26Loans to members -- Investment officers -- Investments.7-9-27Dividends -- Interest refunds.7-9-28Loan to credit union official.7-9-29Allowance account for loan losses.7-9-30Reserve requirements -- "Risk assets" defined.7-9-31Shares held in trust.7-9-32Joint accounts -- Accounts providing for payment to designated person on death of owner or owners.7-9-33Lien and right of set off of credit union.7-9-34Tax exemption of credit unions.7-9-36Dissolution.7-9-37Transfer of members of dissolved, merged, consolidated, transferred, or acquired credit union.7-9-39Voluntary merger.7-9-39.5Supervisory merger.7-9-42Record requirements.7-9-44Corporate central credit union.7-9-45Insurance of shares and deposits -- Security on shares and deposits.7-9-46Out-of-state credit unions -- Authorization to do business in state -- Supervision -- Examination.7-9-48Disclosure of share and deposit insurance -- Disclosure if secured through securities.7-9-49Limitation of personal liability of directors and committee members.7-9-50General limitation on liability.7-9-51Field of membership.7-9-52Expansion of a field of membership.7-9-53Grandfathering.7-9-55Nonexempt credit unions.7-9-58Limitations on credit extended by nonexempt credit unions.7-9-59Credit union service organizations -- Limitations on providing services through other entities.