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...
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5-17-56
Section 5-17-56 Meetings; executive sessions; confidential information. (a) The administrator
shall comply with the Alabama Open Meetings Law, Chapter 25A of Title 36. The Credit Union
Board shall meet not less than once every calendar year. Any meeting of the Credit Union Board
may be held at any place in the state where it is called to meet by the administrator. (b)
In order to comply with state and federal confidentiality requirements, at any meeting, the
Credit Union Board may enter executive session to do any of the following: (1) Protect the
confidentiality of reports or information under Section 5-17-60 and any other provisions of
this title. (2) Review information concerning the condition and affairs of any proposed credit
union, any credit union, any subsidiary or affiliate of a credit union, or several credit
unions or their subsidiaries, or to review the personal or financial information of individuals
or credit union members. (3) Undertake any purpose for which a...
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10A-2A-14.02
Section 10A-2A-14.02 Dissolution by board of directors and stockholders. (a) The board of directors
may propose dissolution for submission to the stockholders by first adopting a resolution
authorizing the dissolution. (b) For a proposal to dissolve to be adopted, it shall then be
approved by the stockholders. In submitting the proposal to dissolve to the stockholders for
approval, the board of directors shall recommend that the stockholders approve the dissolution,
unless (i) the board of directors determines that because of conflict of interest or other
special circumstances it should make no recommendation or (ii) Section 10A-2A-8.26 applies.
If either (i) or (ii) applies, the board of directors shall inform the stockholders of the
basis for its so proceeding. (c) The board of directors may set conditions for the approval
of the proposal for dissolution by stockholders or the effectiveness of the dissolution. (d)
If the approval of the stockholders is to be given at a meeting, the...
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5-17-9
Section 5-17-9 Fiscal year; meetings of members; amendment of bylaws. The fiscal year of all
credit unions shall end December 31. Special meetings may be held in the manner indicated
in the bylaws. At all meetings a member shall have but a single vote whatever his share holdings.
The bylaws may be amended as provided in the bylaws. Amendments to the bylaws shall be submitted
to the administrator who shall approve or disapprove the amendments within 60 days provided
that the administrator shall not disapprove an amendment which corresponds with the form of
bylaws which the administrator furnishes for the guidance of the incorporators of a credit
union. There shall be no voting by proxy, a member other than a natural person casting a single
vote through a delegated agent. (Acts 1927, No. 597, p. 696; Code 1940, T. 28, §288; Acts
1985, No. 85-457, p. 425, §10.)...
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26-1-5
Section 26-1-5 Age of majority for purposes of contracting with banks, credit unions, etc.,
for certain loans or accounts; requirements for members of Armed Forces. (a) Notwithstanding
Section 26-1-1, the age of majority for the purposes of contracting for educational loans
for college level education and above, within the State of Alabama, shall be 17 years of age.
(b) Notwithstanding Section 26-1-1, for purposes of contracting with a bank, credit union,
or similar savings and loan institution, including obtaining a loan or opening a checking
or savings account, a member of any branch of the Armed Forces of the United States shall
be deemed to have attained the age of majority and shall be relieved of his or her disabilities
of minority for that purpose, and he or she may continue to be deemed to have reached the
age of majority even if he or she shall subsequently no longer be a member of the Armed Forces
of the United States. A member of the Armed Forces of the United States who...
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27-27-24
Section 27-27-24 Directors of domestic insurers - Removal; vacancies. (a) At a special meeting
of stockholders or members called for that purpose, any director of a stock or mutual insurer
may be removed from office by an affirmative vote of stockholders or members holding in the
aggregate a majority of the voting power of all stockholders or members of an insurer entitled
to vote at an election of directors. If the board of directors, or any member thereof, is
so removed, new directors may be elected at the same meeting. (b) Vacancies in the board of
directors may be filled by the remaining members of the board, and each person so elected
shall be a director until his successor is elected by the stockholders or members at the next
annual meeting of stockholders or members or at any special meeting of stockholders or members
called for that purpose and held prior thereto. (Acts 1971, No. 407, p. 707, §520.)...
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5-17-2
Section 5-17-2 Procedure for organization and incorporation. (a) For the purposes of this chapter,
both a natural person credit union and a corporate credit union are considered a credit union
unless otherwise indicated. (b) The following may apply to the Administrator of the Alabama
Credit Union Administration for permission to organize a credit union: (1) For a natural person
credit union, any seven residents of the state. (2) For a corporate credit union, any seven
or more individuals each representing different natural person credit unions. (c) A credit
union is organized in the following manner: The applicants shall execute in duplicate a certificate
of organization by the terms of which they agree to be bound. The certificate shall state:
(1) the name and location of the proposed credit union, (2) the names and addresses of the
subscribers to the certificate and the number of shares subscribed by each, and (3) the par
value of the shares of the credit union. They shall next...
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11-44B-7
Section 11-44B-7 Powers and duties of mayor. The mayor shall preside at all meetings of said
council and sit with said council. Provided, however, the mayor shall not, for any purpose,
be a member of the council, shall vote only in the case of a tie, and shall have the right
of veto as provided herein. (1) The mayor shall be the chief executive officer, and shall
have general supervision and control of all other officers and the affairs of the city except
as otherwise provided by this article and general statutes of the state. (2) The mayor shall
devote full time to the duties of his office. The mayor shall maintain an office at the city
hall and be present thereat during reasonable hours when not otherwise absent therefrom on
other duties of the city. (3) The mayor shall, each quarter, prepare a detailed statement
of all receipts and expenses of the city, and annually, at the end of each fiscal year, the
mayor shall cause the books and accounts of the city to be audited by a...
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10A-17-1.04
Section 10A-17-1.04 Governance. (a) A nonprofit association may adopt written rules for its
regulation, management, governance and dissolution. (b) As to matters not addressed by written
rules, the following rules shall apply: (1) A member of a nonprofit association shall be entitled
to participate in the governance of the association. A majority of the votes cast on a matter
by members present and voting at a properly called meeting shall govern as to that matter.
(2) As to any matter not determined by vote, the association may take action in accordance
with its settled practices. (c) A member acting on behalf of the association shall discharge
his or her duties in a manner the member reasonably believes to be in the best interest of
the association. (Acts 1995, No. 95-527, p. 1064, §4; §10-3B-4; amended and renumbered by
Act 2009-513, p. 967, §320.)...
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10A-3-2.03
Section 10A-3-2.03 Notice of members' meetings. Unless otherwise provided in the nonprofit
corporation's governing documents, written notice stating the place, day and hour of the meeting
and, in case of a special meeting, the purpose or purposes for which the meeting is called,
shall be delivered not less than 10 nor more than 50 days before the date of the meeting,
either personally or by mail, by or at the direction of the president, or the secretary, or
the officers or persons calling the meeting, to each member entitled to vote at the meeting.
If mailed, the notice shall be deemed to be delivered when deposited in the United States
mail addressed to the member at his or her address as it appears on the records of the nonprofit
corporation, with postage thereon prepaid. (Acts 1984, No. 84-290, p. 502, §14; §10-3A-29;
amended and renumbered by Act 2009-513, p. 967, §171.)...
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