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5-17-11
Section 5-17-11 Election of officers; duties of officers and directors; compensation; liability.
(a) At the first meeting and at subsequent times prescribed in the bylaws, the directors shall
elect a president. The president must be either a member of the board of directors or an employee
of the credit union who is not a member of the board of directors. If the credit union elects
a president who is not a member of the board of directors, the board of directors shall elect
from their own number a chair and one or more vice chairs of the board of directors. The board
of directors, in accordance with the bylaws, may remove any officer who is not a member of
the board of directors. At the first meeting and at subsequent annual meetings prescribed
in the bylaws, the directors shall elect from their own number, a secretary and treasurer,
who may be the same individual. To nominate a candidate by petition, the petition should conform
to the requirements as specified in the bylaws. The bylaws...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-17-11.htm - 4K - Match Info - Similar pages
40-27-1
a tax measured in any way by the capital of a corporation considered in its entirety. 6. "Gross
receipts tax" means a tax, other than a sales tax, which is imposed on or measured by
the gross volume of business, in terms of gross receipts or in other terms, and in the determination
of which no deduction is allowed which would constitute the tax an income tax. 7. "Sales
tax" means a tax imposed with respect to the transfer for a consideration of ownership,
possession or custody of tangible personal property or the rendering of services measured
by the price of the tangible personal property transferred or services rendered and
which is required by state or local law to be separately stated from the sales price by the
seller, or which is customarily separately stated from the sales price, but does not include
a tax imposed exclusively on the sale of a specifically identified commodity or article or
class of commodities or articles. 8. "Use tax" means a nonrecurring tax, other than
a...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-27-1.htm - 42K - Match Info - Similar pages
5-17-17
Section 5-17-17 Loans to members, directors, officers, etc. Loans are made subject to the conditions
contained in the bylaws. A borrower may repay his loan in whole or in part any day the office
of the credit union is open for business. Provided that loans to directors, officers or members
of a committee are not prohibited in the bylaws, it shall be the duty of the board of directors
to establish a written policy concerning loans to a director, officer or member of a committee.
If it is the policy of the credit union to make directors, officers and members of a committee
eligible for loans, such loans will be made under the same terms, conditions and rules as
similar loans to other members. In no case may the credit committee make a loan to a director,
officer or member of a committee under the terms more favorable than the terms of similar
loans to other members. The credit committee shall at least monthly submit to the board of
directors a listing of all loans made to directors,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-17-17.htm - 2K - Match Info - Similar pages
10A-1-1.03
limited liability company or association, a member; and (D) with respect to another foreign
or domestic entity, an owner of an equity interest in that entity. (69) OWNERSHIP INTEREST.
An owner's interest in an entity. The term includes the owner's share of profits and losses
or similar items and the right to receive distributions. The term does not include an owner's
right to participate in management or participate in the direction or oversight of the entity.
An ownership interest is personal property. (70) PARENT or PARENT ENTITY. An entity
that: (A) owns at least 50 percent of the ownership or membership interest of a subsidiary;
or (B) possesses at least 50 percent of the voting power of the owners or members of a subsidiary.
(71) PARTNER. A limited partner or general partner. (72) PARTNERSHIP. Includes a general partnership,
a limited liability partnership, a foreign limited liability partnership, a limited partnership,
a foreign limited partnership, a limited liability...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-1-1.03.htm - 25K - Match Info - Similar pages
16-22-9
Section 16-22-9 Educational authority sick leave bank plans. (a) The following terms shall
have the following meanings, respectively: (1) CATASTROPHIC ILLNESS. Any illness, injury,
or pregnancy or medical condition related to childbirth, certified by a licensed physician
which causes the employee to be absent from work for an extended period of time. (2) CHIEF
EXECUTIVE OFFICER. The superintendent of any public county or city school system; the President
of the Alabama Institute for Deaf and Blind; the president of any two-year school or college
under the auspices of the State Board of Education; the President of Alabama Agricultural
and Mechanical University; the Superintendent of the Department of Youth Services School District;
the Executive Director of the Alabama School of Fine Arts; and the Executive Director of the
Alabama High School of Mathematics and Science. (3) EDUCATIONAL AUTHORITY or AUTHORITY or
BOARD. Each city and county board of education; the Board of Trustees of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-22-9.htm - 9K - Match Info - Similar pages
5-17-29
Section 5-17-29 Penalties - Concealment of discounts or loans. Any officer, director, employee,
or committee member of a credit union who intentionally conceals from the directors or a committee
of such credit union any discount or loan made for and in behalf of the credit union between
the regular meetings of its board of directors or credit committee is guilty of a Class C
misdemeanor. (Acts 1989, No. 89-632, p. 1241, §3.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-17-29.htm - 734 bytes - Match Info - Similar pages
5-17-30
Section 5-17-30 Penalties - Overdraws; receipt of commission, emolument, etc., for procuring
loans. Any officer, director, committee member, or employee of a credit union who willfully
and knowingly overdraws his own account with such credit union and thereby obtains money or
funds of any such credit union except as specifically permitted by the written loan policy
of the board of directors or asks, receives, consents or agrees to receive any commission,
emolument, gratuity, or reward or any promise of any commission, emolument or reward, or any
money, property or thing of value or of personal advantage in procuring or endeavoring
to procure for any person, firm or corporation any loan from or the purchase or discount of
any paper, note, draft check or bill of exchange by any such credit union is guilty of a Class
C misdemeanor. (Acts 1989, No. 89-632, p. 1241, §4.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-17-30.htm - 1K - Match Info - Similar pages
37-11A-1
by the Governor, or upon its otherwise becoming a law, and when the State of Mississippi ratifies
the compact. Article III. For purposes of this compact, the following terms shall have the
following meanings: (1) Person means an individual, a corporation, a partnership, or any other
entity. (2) Railroad means a common carrier by railroad as defined in Section 1(3) of Part
I of the Interstate Commerce Act [codified as 49 U.S.C. §1(3)]. (3) Railroad properties and
facilities mean any real or personal property or interest in property which is owned,
leased, or otherwise controlled by a railroad or other person, including, without limitation,
the authority, and which are used or are useful in rail transportation service, including,
without limiting the generality of the foregoing: a. Track, roadbed, and related structures,
including rail, ties, ballast, other track materials, grading, tunnels, bridges, trestles,
culverts, elevated structures, stations, office buildings used for operating...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/37-11A-1.htm - 33K - Match Info - Similar pages
5-17-12
Section 5-17-12 Powers and duties of credit committee. The credit committee shall have the
general supervision of all loans to members. Applications for loans shall be on a form prepared
by the credit committee and all applications shall set forth the purpose for which the loan
is desired, the security, if any offered, and such other data as may be required. At least
a majority of the members of the credit committee shall pass on all loans, and approval must
be unanimous; except, that the credit committee may appoint one or more loan officers and
delegate to the officer or officers the power to approve loans in accordance with loan policies
approved by the board of directors of the credit union. (Acts 1927, No. 597, p. 696; Code
1940, T. 28, §291; Acts 1971, No. 2294, p. 3698; Acts 1977, No. 210, p. 282, §2; Acts 1983,
No. 83-772, p. 1407, §1; Act 2016-133, §1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-17-12.htm - 1K - Match Info - Similar pages
5-17-6
Section 5-17-6 Withdrawal of members; expulsion for cause; termination of membership; readmission.
(a) Any member may withdraw from the credit union at any time, but notice of withdrawal may
be required. All amounts paid on shares or as deposits of an expelled or withdrawing member,
with any dividends or interest accredited thereto to the date thereof shall, as funds become
available and after deducting all amounts due from the member to the credit union, be paid
to the individual. The credit union may require 60 days' notice of intention to withdraw shares
and 30 days' notice of intention to withdraw deposits. A credit union may reserve in its bylaws
the right to pay out not more than one half of its monthly receipts to withdrawing members
and depositors. (b) The board of directors may expel a member for cause by a majority vote
of a quorum of directors, pursuant to a written policy adopted by the board. For the purposes
of this section, cause includes a loss to the credit union, a...
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