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

5-17-40
Section 5-17-40 Alabama Credit Union Administration created; functions; transfer of authority
previously vested in State Banking Department. THIS SECTION WAS AMENDED BY ACT 2018-470 IN
THE 2018 REGULAR SESSION, EFFECTIVE JUNE 1, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
(a) There shall be an Alabama Credit Union Administration which shall administer the laws
of this state which regulate or otherwise relate to credit unions in the state. The authority
of the Alabama Credit Union Administration to perform such functions shall be exclusive and
all authority regarding credit unions which was previously vested in the State Banking Department
is hereby vested in the Alabama Credit Union Administration. (b) If any of the provisions
of this chapter are inconsistent with any other general or special law, this chapter shall
control. (Acts 1985, No. 85-457, p. 425, §17; Act 2018-470, §1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-17-40.htm - 1K - Match Info - Similar pages

40-16-1.3
Section 40-16-1.3 Net income of credit unions. (a) With respect to credit unions only, net
income means financial statement income which is the final net income amount, total revenue
less total expenses, calculated for financial statement purposes and reported to the Internal
Revenue Service as a tax exempt organization and to the Alabama Credit Union Administration
or other government regulatory authority as appropriate, less the subtractions specified in
subsection (b) and as allocated and apportioned to Alabama according to rules adopted by the
Department of Revenue pursuant to Section 40-16-4. (b) Subtractions. The following items shall
be subtracted from financial statement income for purposes of computing the net income of
a credit union under this chapter: (1) Dividends received from other credit unions and credit
union service organizations as defined by federal law and the regulations of the National
Credit Union Administration. (2) In lieu of deductions for losses or bad...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-16-1.3.htm - 1K - Match Info - Similar pages

5-17-16
Section 5-17-16 Disposition of shares or deposit account of deceased person. Whenever a person
shall die leaving a share or deposit account in a credit union not exceeding ten thousand
dollars ($10,000), the credit union having the share or deposit account may discharge itself
from liability thereafter by paying the funds in the share or deposit account to the widow
or surviving husband of the deceased or, if there is no widow or surviving husband, to the
persons having the actual custody or control of the minor child or children of the deceased;
provided, that such person, if not the legal guardian, shall execute to the probate judge
of the county a bond in the penal sum of double the amount of such deposit for the faithful
accounting of the money so received, which shall be approved by the probate judge, or, if
there is no minor child or children, to the person or persons who under the laws of Alabama
are the heirs and inherit the personal property of the deceased. No such payment is...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-17-16.htm - 2K - Match Info - Similar pages

5-22-2
Section 5-22-2 Definitions. For the purpose of this chapter, the following terms shall have
the meanings ascribed by this section: (1) CURRENCY. Currency and coin of the United States.
(2) FINANCIAL INSTITUTION. Any national bank or banking association, state bank or banking
association, industrial savings bank, trust company, federal savings and loan association,
state savings and loan association, federal savings bank, state savings bank, federal credit
union, state credit union, Edge Act or agreement corporation, or international bank agency,
located in this state, whether organized under the laws of this state, the laws of another
state, or the laws of the United States. (3) PERSON. Any individual, and any corporation,
partnership, association or other such business entity. (Acts 1990, No. 90-469, p. 674, §2.)...

alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-22-2.htm - 1K - Match Info - Similar pages

26-1A-208
Section 26-1A-208 Banks and other financial institutions. Unless the power of attorney otherwise
provides, language in a power of attorney granting general authority with respect to banks
and other financial institutions authorizes the agent to: (1) continue, modify, and terminate
an account or other banking arrangement made by or on behalf of the principal; (2) establish,
modify, and terminate an account or other banking arrangement with a bank, trust company,
savings and loan association, credit union, thrift company, brokerage firm, or other financial
institution selected by the agent; (3) contract for services available from a financial institution,
including renting a safe deposit box or space in a vault; (4) withdraw, by check, order, electronic
funds transfer, or otherwise, money or property of the principal deposited with or left in
the custody of a financial institution; (5) receive statements of account, vouchers, notices,
and similar documents from a financial institution...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/26-1A-208.htm - 2K - Match Info - Similar pages

36-27-54
Section 36-27-54 Purchase of credit by certain employees of Alabama State Docks Terminal Railway;
waiver of federal railroad retirement benefits; termination date. (a) Any law to the contrary
notwithstanding, any member of the Employees' Retirement System of Alabama who has 10 or more
years of creditable service in the Employees' Retirement System of Alabama immediately prior
to October 1, 1990 and who is employed by the State of Alabama at the time this bill becomes
law, may hereby claim and purchase credit within the Employees' Retirement System of Alabama
for all the time which such member has served as an employee of the Alabama State Docks and
was paid through the Alabama State Docks Terminal Railway payroll and for which he is not
otherwise eligible for credit in the Employees' Retirement System or any other retirement
plan funded in whole or in part by the state except under the United States Social Security
Act. (b) Any member eligible to claim and purchase such credit for...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/36-27-54.htm - 2K - 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

5-17-9
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.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-17-9.htm - 1K - Match Info - Similar pages