reglab/housing_qa huggingface dataset:
AR Code § 23-35-305 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 35 - Credit Unions|Subchapter 3 - Organization|§ 23-35-305. Officers — Selection, term, and oath

 (a) Within ten (10) days following the organizational meeting and each annual meeting, the directors of the credit union shall elect from their own number a chief executive officer who may be designated as chair or president of the board, vice chair or vice president, a treasurer, and a secretary, of whom the last two (2) may be the same individual. The board of directors may employ an officer in charge of operations whose title shall be either president or general manager or, in lieu thereof, the board of directors of the credit union may designate the treasurer or an assistant treasurer to be in active charge of the affairs of the credit union.  (b) Within ten (10) days after election or appointment to any position, each person so elected or appointed shall execute an oath of office by which he or she agrees to accept and to diligently and faithfully carry out the duties and responsibilities of the position to which he or she has been elected or appointed and not to negligently or willfully violate, or permit to be violated, any provision of this chapter or the bylaws of the credit union.  (c) The president and secretary shall execute a certificate of election which shall set forth the names and addresses of the officers, directors, and committee members elected or appointed.  (d) The oath of office and the certificates of election shall be executed on forms prepared by the Credit Union Division, and one (1) copy of each shall be filed with the division within twenty (20) days after the election or appointment.  (e) The terms of the officers shall be for one (1) year or until their successors are chosen and have been duly qualified.
AR Code § 23-35-306 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 35 - Credit Unions|Subchapter 3 - Organization|§ 23-35-306. Credit committee — Loan officers

 (a)  (1) The credit committee of the credit union shall be responsible for general supervision of all loans to members.  (2) The credit committee shall not be composed of any person who is a member of the board of directors of the credit union or of the supervisory committee.  (3) It shall be the duty of the credit committee to review all applications for loans, to ascertain whether the loans would be for a provident and productive purpose and would benefit the applicant, to determine whether the security offered is sufficient, and to determine whether the terms of the application are proper.  (4) The credit committee shall meet as often as may be required, after due notice has been given to each member thereof, but not less than once a month. The credit committee shall keep a record of all meetings and shall make a report to the members at the annual meeting.    (b)  (1) The credit committee may appoint one (1) or more loan officers to act under the supervision of the credit committee, and these loan officers may make loans without the necessity for a meeting of, or approval by, any members of the credit committee.  (2) No more than one (1) member of the credit committee may serve in the position of loan officer.  (3) No individual shall have authority to disburse funds of the credit union for any loan which has been approved by him or her in his or her capacity as loan officer.  (4) Each loan officer shall, within ten (10) days of the filing of each loan application received by him or her from another member or by referral from another officer, furnish to the credit committee a full report of the application.    (c) All applications for loans not approved by a loan officer shall be considered and acted upon by the credit committee.
AR Code § 23-35-307 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 35 - Credit Unions|Subchapter 3 - Organization|§ 23-35-307. Supervisory committee

 (a) The supervisory committee of the credit union shall make or cause to be made, at least annually:  (1) An examination of the affairs of the credit union, including an audit of its books;  (2) A report of its annual examination to the board of directors of the credit union; and  (3) An audit, a report of which shall be submitted to members at the next annual meeting of the credit union.    (b) The supervisory committee shall cause the passbooks and accounts of the members to be verified with the records of the treasurer at least once a year. The term “passbook” shall include any book, statement of accounts, or other pertinent or related record.  (c) The supervisory committee may suspend, by a unanimous vote, any officer of the credit union or any member of the credit committee or of the board, until the next members' meeting, which shall not be less than seven (7) days nor more than fourteen (14) days after the suspension. At the meeting, the suspension shall be acted upon by the members.  (d) The supervisory committee may call, by a majority vote, a special meeting of the members to consider any violation of this chapter, the charter, the bylaws, or any practice of the credit union deemed by the committee to be unsafe or unauthorized.  (e) Any member of the supervisory committee may be suspended by the board, upon majority vote. The members shall decide, at a meeting held not less than seven (7) days nor more than fourteen (14) days after the suspension, whether the suspended committee member shall be removed from or restored to the supervisory committee.
AR Code § 23-35-308 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 35 - Credit Unions|Subchapter 3 - Organization|§ 23-35-308. Compensation of officers, directors, committee members, and employees

 (a) No officer, director, or committee member of the credit union, other than the treasurer whom the board of directors of the credit union has specifically appointed or contracted to actively work in the credit union, may be compensated, directly or indirectly, for his or her services as such. This shall not be construed to prevent reimbursement of directors and committee members for actual expenses they may incur in carrying out the duties of their office.  (b) The compensation to be paid to the treasurer and to the employees who are authorized by the board shall be established by the board at its monthly meetings or in the annual budget allocations.
AR Code § 23-35-402 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 35 - Credit Unions|Subchapter 4 - Membership|§ 23-35-402. Nonliability of members

 The members of the credit union shall not be personally or individually liable for the payment of debts of the credit union.
AR Code § 23-35-403 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 35 - Credit Unions|Subchapter 4 - Membership|§ 23-35-403. Meetings — Voting

 (a) The annual meeting and special meetings shall be held at the time, place, and in the manner indicated in the bylaws.  (b) At all meetings each member shall have but one (1) vote, irrespective of his or her shareholdings. No member may vote by proxy, but a society or association having membership in the corporation may be represented and vote by one (1) of its members or shareholders, provided that person has been duly authorized by the governing board of the society or association.
AR Code § 23-35-404 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 35 - Credit Unions|Subchapter 4 - Membership|§ 23-35-404. Expulsion of members

 (a) A member of a credit union may be expelled by the board of directors of the credit union, but only after he or she has been given an opportunity to be heard regarding the purpose of the expulsion. A written notice of this hearing, setting forth the time, place, and date for the meeting, shall be forwarded to the member by the board together with the charges which serve as the basis for the expulsion.  (b) The member may be expelled for:  (1) Failure to meet the conditions of his or her membership;  (2) Failure to carry out his or her obligations to the credit union;  (3) Conviction of a felony;  (4) Neglect or refusal to comply with the laws and bylaws under which the credit union operates;  (5) Habitual neglect to pay obligations;  (6) Insolvency; or  (7) Bankruptcy.    (c) If the board votes to expel the member, he or she shall remain liable for any sums owed to the credit union for loans or other purposes.  (d) The credit union may require sixty (60) days' written notice to withdraw shares or deposits by the member, as funds become available.
AR Code § 23-35-501 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 35 - Credit Unions|Subchapter 5 - Shares|§ 23-35-501. Shares generally — Liens on shares

 (a) A “share” is a term applied to each five dollars ($5.00), but not more than twenty-five dollars ($25.00), standing to the share account of a member.  (b) The shares of stock of a credit union shall all be common shares of one (1) class and shall have a par value of five-dollar multiples of not less than five dollars ($5.00) nor more than twenty-five dollars ($25.00) per share.  (c) No certificate shall be issued to denote ownership of a share in a credit union.  (d) Shares may be subscribed, paid for, and transferred in such manner as the bylaws may prescribe.  (e) The credit union shall have and may exercise a lien on the shares of any member for any sum due the credit union from the member or for any loan endorsed by him or her .  (f) When the share balance of a member is reduced to less than one (1) fully paid share by the member's action and remains below that amount for a period of one (1) year or longer after the member has received actual notice of that fact, it may be absorbed by a late or service charge upon authorization of the board of directors of the credit union.
AR Code § 23-35-502 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 35 - Credit Unions|Subchapter 5 - Shares|§ 23-35-502. Shares in name of minor

 (a) Shares may be issued in the name of a minor, if permitted by the articles of incorporation. These shares may be withdrawn by the minor, and payments made on the withdrawals shall be valid.  (b) No minor under sixteen (16) years of age shall be entitled to vote in the meetings of the members either personally or through his or her parent or guardian, nor may he or she become a director or committee member until he or she shall have reached legal age.
AR Code § 23-35-503 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 35 - Credit Unions|Subchapter 5 - Shares|§ 23-35-503. Shares issued in trust

 (a) Shares may be issued in the name of a member in trust for a beneficiary, including a minor, but no beneficiary, unless a member in his or her own right, may be permitted to vote, obtain loans, hold office, or be required to pay an entrance fee.  (b) Payment of part or all of the shares issued in trust to the member shall, to the extent of the payment, discharge the liability of the credit union to the member and the beneficiary, and the credit union shall be under no obligation to see the application of the payment.  (c) In the event of the death of the member, and if shares are so issued or held and the credit union has been given no other written evidence of the existence or terms of any trust, the shares and any dividends or interest thereon shall be paid to the beneficiary.
AR Code § 23-35-504 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 35 - Credit Unions|Subchapter 5 - Shares|§ 23-35-504. Joint tenancy in shares and accounts

 A member may designate any person to hold shares and thrift club accounts with him or her in joint tenancy with the right of survivorship, but no joint tenant, unless a member in his or her own right, shall be permitted to vote, obtain loans, or hold office. Payment of part or all of the joint accounts to any of the joint tenants shall, to the extent of the payment, discharge the liability to all.
AR Code § 23-35-601 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 35 - Credit Unions|Subchapter 6 - Operation|§ 23-35-601. Powers generally

 A credit union shall have power to:   (1) Make contracts;  (2) Sue and be sued in the name of the credit union;  (3) Adopt and use a common seal and alter it at pleasure;  (4) Purchase, hold, and dispose of property necessary or incidental to its operations;  (5) Require the payment of an entrance or membership fee by any applicant admitted to membership;  (6) Receive from its members payments on shares, which shall include the right to conduct Christmas clubs, vacation clubs, and other such thrift organizations within the membership;  (7) Lend its funds to its members as provided in this chapter;  (8) Purchase insurance on the lives of its members in an amount equal to their respective share and loan balances or any or all of them;  (9) Borrow from any source in an aggregate amount not exceeding sixty percent (60%) of the share balances;  (10) Invest surplus funds as provided in this chapter;  (11) Make deposits in checking or similar type of accounts in state-chartered and federally chartered banks, savings and loan associations, savings banks, and credit unions, which accounts are insured by the Federal Deposit Insurance Corporation, Federal Savings and Loan Insurance Corporation [abolished], or the National Credit Union Administration;  (12) Hold membership in other credit unions organized under this chapter or other acts, in the Arkansas Credit Union League, and in other organizations composed of credit unions;  (13) Declare dividends as provided in this chapter;  (14) Impress a lien upon the shares and accumulation of dividends and interest of any member to the extent of any loans made to him or her directly or indirectly, or on which he or she is surety, and for any dues or charges payable by him or her;  (15) Change its place of business in Arkansas with written notice to the State Credit Union Supervisor; and  (16) Exercise the powers granted corporations organized under the laws of Arkansas and such additional incidental powers as may be necessary or requisite to enable it to promote and effectively carry on its purposes.
AR Code § 23-35-602 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 35 - Credit Unions|Subchapter 6 - Operation|§ 23-35-602. Christmas and other thrift clubs

 Christmas clubs, vacation clubs, and other thrift clubs, if provided for the use of members, shall be operated in accordance with such rules as the board of directors of the credit union may prescribe.
AR Code § 23-35-604 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 35 - Credit Unions|Subchapter 6 - Operation|§ 23-35-604. Investment of funds

 Funds not used in loans to members may be invested:   (1) In capital shares, obligations, or preferred stock issues of any agency or association organized either as a stock company, mutual association, or membership corporation, provided that the membership or stockholdings, as the case may be, of the agency or association are confined or restricted to credit unions or organizations of credit unions and provided that the purposes for which the agency or association is organized are designed to service or otherwise assist credit union operations;  (2) In obligations of the State of Arkansas or any subdivision thereof;  (3) In obligations of the United States or securities fully guaranteed as to principal and interest thereby;  (4) In shares of a cooperative society organized under local or national cooperative laws, in an amount not exceeding ten percent (10%) of the shares and surplus of the credit union;  (5) In any investment legal for fiduciaries, savings banks, or trust companies in Arkansas;  (6) In loans to other credit unions, in an amount not to exceed thirty-three and one-third percent (331/3%) of the shares and unimpaired surplus of the lending credit union; and  (7) In an aggregate amount not exceeding twenty-five percent (25%) of the allocations to the reserve fund, in any agency or association of the type described in subdivision (1) of this section, provided the purposes of any such agency or association are designed to assist in establishing and maintaining liquidity, solvency, and security in credit union operations.
AR Code § 23-35-605 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 35 - Credit Unions|Subchapter 6 - Operation|§ 23-35-605. Reserves

 (a) At the end of each accounting period, the gross income shall be determined. From this amount, there shall be set aside, as a regular reserve against losses on loans and against such other losses as may be specified in rules prescribed under this chapter, sums in accordance with the following schedule:  (1) A credit union in operation for more than four (4) years and having assets of five hundred thousand dollars ($500,000) or more shall set aside:  (A) Ten percent (10%) of gross income until the regular reserve shall equal four percent (4%) of the total of outstanding loans and risk assets; then  (B) Five percent (5%) of gross income until the regular reserve shall equal six percent (6%) of the total of outstanding loans and risk assets;    (2) A credit union in operation less than four (4) years or having assets of less than five hundred thousand dollars ($500,000) shall set aside ten percent (10%) of gross income until the regular reserve shall equal seven and one-half percent (7½%) of the total of outstanding loans and risk assets; and  (3) Whenever the regular reserve falls below the stated percent of the total of outstanding loans and risk assets, it shall be replenished by regular contributions in such amounts as may be needed to maintain the stated reserve goals.    (b) The State Credit Union Supervisor may decrease the reserve requirement set forth in subsection (a) of this section when, in his or her opinion, a decrease is necessary or desirable. The supervisor may also require special reserves to protect the interests of members either by rule or for an individual credit union in any special case.  (c) The reserve fund shall belong to the credit union and shall be used to meet all losses from uncollectable loans and shall not be distributed except on liquidation of the credit union or in accordance with a plan approved or ordered by the supervisor.
AR Code § 23-35-606 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 35 - Credit Unions|Subchapter 6 - Operation|§ 23-35-606. Inability to contact members — Transfer of funds to reserves

 (a)  (1) If a credit union is unable to contact a member, beneficiary, or other person by first class mail at the last address shown on the records of the credit union, and if such inability continues for a period of more than three (3) years, then all shares, accounts, dividends, interest, and other sums due to or standing in the name of the member, beneficiary, or other person may, by action of the board of directors of the credit union, be credited to accounts payable, and thereafter no dividends or interest will accrue thereto.  (2) The member shall have the right to reclaim any such sums by proper judicial proceedings commenced within an additional four (4) years after the action by the board.    (b) This section shall not apply to shares, accounts, dividends, interest, and other sums due to or standing in the name of two (2) or more persons unless the credit union is unable to contact any of those persons in the manner and during the period specified in this section.  (c) Nothing contained in this section shall exempt a credit union from the Arkansas Uniform Unclaimed Property Act, § 18-28-201 et seq.
AR Code § 23-35-607 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 35 - Credit Unions|Subchapter 6 - Operation|§ 23-35-607. Dividends — Definition

 (a) At such intervals as the board of directors of the credit union may authorize and after provision for required reserves, the board may declare, pursuant to such rules as may be issued by the State Credit Union Supervisor, a dividend to be paid at different rates on different types of shares and at different rates and maturity dates in the case of share certificates.  (b)  (1) Dividend credit may be accrued on various types of shares and share certificates as authorized by the board.  (2) Dividend credit for a month may be accrued on shares which are or become fully paid up during the first fifteen (15) days of that month.  (3) No dividends shall be paid on shares which are withdrawn during the dividend period.    (c)  (1) No dividend shall be declared or paid at a time when the credit union is insolvent or when the payments thereof would render the credit union insolvent.  (2) Insolvency shall be determined by the supervisor to have occurred when:  (A) A credit union cannot meet its obligations as they come due in the normal course of business; or  (B) Considering the credit union's assets and liabilities, the net recoverable assets, if made immediately available, would not be sufficient to discharge the credit union's obligations to its creditors and members.    (3) As used in this subsection, “net recoverable assets” means all assets of the credit union as reflected in a balance sheet which has been prepared using generally accepted accounting principles less the following:  (A) Any uncollectible or unrecoverable asset;  (B) Ten percent (10%) of the unpaid balances of all loans delinquent more than two (2) months but less than six (6) months, twenty-five percent (25%) of the unpaid balances of all loans delinquent from six (6) months to less than twelve (12) months, eighty percent (80%) of the unpaid balances of loans delinquent twelve (12) months but less than sixteen (16) months, and one hundred percent (100%) of the unpaid balances of all loans delinquent sixteen (16) months or more.      (d) Each individual who has met the requirements for membership shall be entitled to, and paid, a dividend on his or her fully paid shares as declared by the board.
AR Code § 23-35-608 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 35 - Credit Unions|Subchapter 6 - Operation|§ 23-35-608. Reduction of assets

 When the losses of a credit union resulting from a depreciation in value of its loans or investments, or otherwise, exceed its undivided earnings and reserve fund so that the estimated value of its assets is less than the total amount due the shareholders, the credit union may by a majority vote of the entire membership order a reduction in the shares of each of its shareholders to divide the loss proportionately among the members. If thereafter the credit union shall realize from its assets a greater amount than was fixed by the order of reduction, the excess shall be divided among the shareholders whose assets were reduced, but only to the extent of the reduction.