Title 7 Chapter 9

Title 7Financial Institutions Act (Download: PDF | RTF | WordPerfect)
Chapter 9Utah Credit Union Act (Download: PDF | RTF | WordPerfect)
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Section 1 Title.
Section 2 Description of credit unions.
Section 3 Definitions.
Section 5 Powers of credit unions.
Section 6 Formation of corporation to conduct credit union -- Approval of commissioner.
Section 7 Forms furnished by commissioner.
Section 9 Amendment of articles of incorporation.
Section 10 Filing amendment.
Section 11 Bylaws and amendments to be approved.
Section 12 Contents of bylaws.
Section 13 Fiscal year.
Section 14 Meetings.
Section 15 Appeals from board of directors or committees.
Section 16 Members -- Eligibility -- Liability -- Grounds for closing account -- Denial of membership.
Section 17 Membership officer -- Appointment -- Eligibility -- Function -- Appeals from.
Section 18 Expulsion of member.
Section 19 Payments to expelled members -- Liability of member not relieved by expulsion.
Section 20 Board of directors -- Powers and duties -- Loan limitations.
Section 21 Executive officers -- Election -- Power -- Terms.
Section 22 Credit committee -- Credit manager.
Section 23 Supervisory committee -- Duties -- Suspension or removal of officer, director, or credit committee member.
Section 24 Compensation of directors, committee members, and president -- Expense reimbursement.
Section 25 Shares -- Number unlimited -- Subscription and payment -- Par value -- Ownership required for membership -- Dormant accounts.
Section 26 Loans to members -- Investment officers -- Investments.
Section 27 Dividends -- Interest refunds.
Section 28 Loan to credit union official.
Section 29 Allowance account for loan losses.
Section 30 Reserve requirements -- "Risk assets" defined.
Section 31 Shares held in trust.
Section 32 Joint accounts -- Accounts providing for payment to designated person on death of owner or owners.
Section 33 Lien and right of set off of credit union.
Section 34 Tax exemption of credit unions.
Section 36 Dissolution.
Section 37 Transfer of members of dissolved, merged, consolidated, transferred, or acquired credit union.
Section 39 Voluntary merger.
Section 39.5 Supervisory merger.
Section 42 Record requirements.
Section 43 Board of Credit Union Advisors.
Section 44 Corporate central credit union.
Section 45 Insurance of shares and deposits -- Security on shares and deposits.
Section 46 Out-of-state credit unions -- Authorization to do business in state -- Supervision -- Examination.
Section 48 Disclosure of share and deposit insurance -- Disclosure if secured through securities.
Section 49 Limitation of personal liability of directors and committee members.
Section 50 General limitation on liability.
Section 51 Field of membership.
Section 52 Expansion of a field of membership.
Section 53 Grandfathering.
Section 55 Nonexempt credit unions.
Section 58 Limitations on credit extended by nonexempt credit unions.
Section 59 Credit union service organizations -- Limitations on providing services through other entities.
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