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5-17-1
Section 5-17-1 "Credit union" defined. A credit union is a cooperative society, incorporated
for the twofold purpose of promoting thrift among its members and creating a source of credit
for them at legitimate rates of interest, particularly among groups of industrial workers
and farmers, fraternal and religious organizations, and in those communities where the citizens
of the state are distantly removed from convenient centers of business or easy access to financial
agencies now provided for by laws of Alabama. (Acts 1927, No. 597, p. 696, §1; Code 1940,
T. 28, §282; Acts 1975, No. 561, §1; Acts 1977, No. 210, p. 282, §3; Acts 1978, No. 469,
p. 492, §5.)...
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35-12-71
Section 35-12-71 Definitions. As used in this article, unless the context otherwise requires,
the following terms shall have the meanings respectively ascribed to them by this section:
(1) APPARENT OWNER. A person whose name appears on the records of a holder as the person entitled
to property held, issued, or owing by the holder. (2) BUSINESS ASSOCIATION. A corporation,
joint stock company, investment company, partnership, unincorporated association, joint venture,
limited liability company, business trust, trust company, safe deposit company, financial
organization, insurance company, mutual fund, utility, or other business entity consisting
of one or more persons, whether or not for profit. (3) DOMICILE. The state of incorporation
of a corporation and the state of the principal place of business of a holder other than a
corporation. (4) FINANCIAL ORGANIZATION. A savings and loan association, building and loan
association, industrial loan organization, credit union, cooperative bank,...
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5-17-3
Section 5-17-3 Use of words "credit union" in name or title. It shall be a misdemeanor
for any person, association, copartnership, or corporation, except corporations organized
in accordance with the provisions of this chapter, credit unions incorporated under the laws
of the United States, the trade associations of credit unions doing business in this state,
and other organizations as approved by the administrator, to use the words "credit union"
in their name, title, or in advertising. A credit union organized under the provisions of
this chapter shall include in its corporate name or title the words "credit union."
Any violation of this prohibition shall subject the party chargeable therewith to a penalty
of five hundred dollars ($500) for each day, with a maximum amount of fifty thousand dollars
($50,000), during which the violation is committed or repeated. The penalty may be recovered
by the administrator by an action instituted for that purpose, and, in addition to the penalty,...
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5-17-4
Section 5-17-4 Powers generally. (a) A credit union shall have all of the following powers:
(1) To receive the savings of its members either as payment on shares or as deposits, including
the right to conduct Christmas clubs, vacation clubs, and other thrift organizations within
the membership. (2) To accept deposits of fiduciary funds if a member is the beneficiary,
trustee, or personal representative and if the funds are part of the estate of a deceased
member. (3) To make loans to members. (4) To make loans to other credit unions, including
credit union service organizations. (5) To purchase loans from financial institutions, provided
a purchased loan is of the nature and type that the credit union could have originated itself.
(6) To make loans to a cooperative society or other organizations having membership in the
credit union. (7) To deposit funds in state and national banks, savings and loan associations,
the accounts which are insured by the Federal Deposit Insurance...
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5-17-55
Section 5-17-55 Credit Union Board created; composition; appeals. (a) There shall be a Credit
Union Board of the Alabama Credit Union Administration which shall consist of the administrator,
who shall be an ex officio member and chair of the board, and seven other persons, appointed
by the Governor, by and with the consent of the Senate. Four of these persons shall be appointed
from a list of nominees submitted by the Credit Union Board of the Alabama Credit Union Administration,
in consultation with the League of Southeastern Credit Union or its successor organization,
which shall submit not less than three nominees for any vacancy. Should the Governor determine
that none of the first three nominees submitted by the Credit Union Board for a vacancy on
the Credit Union Board are acceptable, the Governor may reject the three nominees, and the
Credit Union Board shall submit an alternative list of three nominees to the Governor from
which the Governor shall make the appointment. The...
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5-1A-10
Section 5-1A-10 Use of lender information or trade name in solicitations. (a) For purposes
of this section, the following terms shall have the following meanings: (1) LENDER. A bank,
industrial bank, savings and loan association, savings bank, credit union, finance company,
mortgage bank, mortgage broker, loan originator or holder of the loan, or other person who
makes loans in this state, and any affiliate thereof, or any third party operating with the
consent of the lender. A person shall not be considered a lender based on the person's former
employment with the lender. (2) PERSON. Any individual, firm, corporation, partnership, organization,
association, or other legal entity. (b) A person other than the lender may not use the trade
name or trademark of the lender or a trade name or trademark confusingly similar to that of
the lender in a solicitation for the offering of services or products without the consent
of the lender unless the solicitation clearly and conspicuously states...
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27-21A-1
Section 27-21A-1 Definitions. As used in this chapter, the following terms shall have the following
meanings, respectively: (1) AGENT. A person who is appointed or employed by a health maintenance
organization and who engages in solicitation of membership in such organization. This definition
does not include a person enrolling members on behalf of an employer, union, or other organization.
(2) BASIC HEALTH CARE SERVICES. Emergency care, inpatient hospital and physician care, and
outpatient medical services. (3) COMMISSIONER. The Commissioner of Insurance. (4) ENROLLEE.
An individual who is enrolled in a health maintenance organization. (5) EVIDENCE OF COVERAGE.
Any certificate, agreement, or contract issued to an enrollee setting out the coverage to
which he is entitled. (6) HEALTH CARE SERVICES. Any services included in the furnishing to
any individual of medical or dental care, or hospitalization or incident to the furnishing
of such care or hospitalization, as well as the...
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45-49-31.01
Section 45-49-31.01 Composition. (a) Members of the board first shall be appointed as follows:
(1) The members from Semmes Dixie Youth Association and Semmes Dixie Majors Association for
a term of one year. (2) The members from Theodore Athletic Association and West Side Athletic
Association for a term of two years. (3) The members from Bates Field Athletic Association
and Boykin Park Association for a term of three years. (4) The members from Grand Bay Union
Association and Irvington Ball Park Association and Chunchula-Turnerville Recreational Association
and Tanner Williams Community Club Ball Park Association and Theodore Community Club Association
for a term of four years. (b) As the terms of members expire, their successors shall be selected
for terms of four years each. Vacancies in unexpired terms shall be filled in the same manner
as original appointments are made. (c) A county Babe Ruth Association, when incorporated and
in compliance with this part, shall also share in 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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2-10-93
Section 2-10-93 Organization generally; adoption of bylaws. A majority of the organizing members
named in the articles of incorporation, at a time and place agreed upon in writing by all
the said organizers, or when and where all are present, or upon call of a majority of such
organizers upon five days' notice thereof, in writing, giving the time, place, and purposes
of the meeting, mailed or delivered by hand to all of the other said organizing members, may
make permanent organization of such corporation and adopt bylaws for the same, which bylaws
may thereafter be amended or repealed by the members of such incorporated association in the
manner provided in the bylaws. At such organization meeting, the members of the board of directors
and such officers as provided for in this article and in the bylaws shall be elected. Each
association incorporated under this article shall, within 30 days after its incorporation,
adopt for its government and management bylaws not inconsistent with...
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