reglab/housing_qa huggingface dataset:
AK Stat § 06.45.030 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 45. Alaska Credit Union Act|Sec. 06.45.030. Approval of articles of incorporation and issuance of certificate of authority.

(a) The articles of incorporation shall be presented to the commissioner for approval. Before the certificate of authority is issued, the commissioner shall determine (1) whether the articles of incorporation and bylaws conform to the provisions of this chapter and to regulations of the commissioner; (2) the general character and fitness of the subscribers; and (3) the economic advisability of establishing the proposed credit union. (b) A certificate of authority shall be delivered by the commissioner to the credit union if the required fee has been paid. On issuance of the certificate of authority, the credit union is a body corporate and is subject to the limitations of this chapter, and is vested with all of the powers and charged with all of the liabilities conferred and imposed by this chapter upon credit unions organized under it.
AK Stat § 06.45.040 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 45. Alaska Credit Union Act|Sec. 06.45.040. Fees.

(a) The commissioner shall assess a credit union a fee for expenses under AS 06.01.010 in processing an application (1) for approval of articles of incorporation and bylaws and the issuance of a certificate of authority for a credit union; (2) for the approval of a branch of a credit union; (3) for a merger or conversion of a credit union; or (4) for an examination under AS 06.45.050. (b) Failure of a credit union to pay a fee required by (a)(2), (3), or (4) of this section within 30 days of receipt of billing from the commissioner is grounds for the revocation of the certificate of authority of the credit union.
AK Stat § 06.45.050 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 45. Alaska Credit Union Act|Sec. 06.45.050. Reports and examinations.

A credit union organized under this chapter is under the supervision of the commissioner and shall make an annual financial report to the commissioner and shall make other financial reports required by regulations adopted by the commissioner. A credit union is subject to examination by the commissioner.
AK Stat § 06.45.070 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 45. Alaska Credit Union Act|Sec. 06.45.070. Membership.

Credit union membership consists of the incorporators and other persons and incorporated and unincorporated organizations, to the extent permitted by regulations adopted by the commissioner, elected to membership. Each member shall subscribe to at least one share of the stock of the credit union and pay the initial installment on the stock and a uniform entrance fee if required by the board of directors of the credit union. Credit union membership is limited to groups having a common bond of occupation or association, or to groups within a well-defined neighborhood, community, or rural district. Shares may be issued in joint tenancy with right of survivorship with a person designated by the credit union member. A joint tenant may not be permitted to vote, obtain loans, or hold office, unless the joint tenant is within the field of membership and is qualified for membership.
AK Stat § 06.45.080 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 45. Alaska Credit Union Act|Sec. 06.45.080. Meetings of members.

The fiscal year of a credit union ends December 31. The annual meeting of a credit union shall be held within three months after the end of the fiscal year at a place its bylaws prescribe. Special meetings may be held under the bylaws. A member may not vote by proxy, but a member other than a natural person may vote through an agent designated for the purpose. A member may not have more than one vote.
AK Stat § 06.45.090 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 45. Alaska Credit Union Act|Sec. 06.45.090. Management of credit union.

(a) The business affairs of a credit union are managed by (1) a board of not less than five directors; (2) a credit committee of not less than three members; and (3) a supervisory committee of not less than three members or more than five members. The members of the board of directors shall be elected at the annual members meeting by and from the members. The supervisory committee shall be appointed by the board of directors, and a vacancy in the supervisory committee shall be filled by the board of directors. One of the members of the supervisory committee may be a member of the board of directors, other than the treasurer. The credit committee consists of an uneven number of three or more members appointed by the board of directors for the terms established by the bylaws. Members of the board of directors and of the credit and supervisory committees hold office for terms as the bylaws may provide. (b) A record of the names and addresses of the members of the board, the committees, and the officers of the credit union shall be filed with the commissioner within 10 days after election or appointment.
AK Stat § 06.45.100 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 45. Alaska Credit Union Act|Sec. 06.45.100. Compensation.

A member of the board of directors or of the credit or supervisory committees may not be compensated for service on the board of directors or credit or supervisory committees. Reasonable health, accident, and similar insurance protection is not compensation under this section and may be provided under regulations adopted by the commissioner.
AK Stat § 06.45.110 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 45. Alaska Credit Union Act|Sec. 06.45.110. Executive officers.

(a) At its first meeting after the annual meeting of the members, the board of directors shall elect from its membership the executive officers of the credit union. (b) An executive officer, other than the treasurer, may not be compensated as an officer. (c) The offices of secretary and treasurer may be held by the same person. (d) The duties of the officers are determined by the bylaws. (e) The treasurer shall give bond with good and sufficient surety, in an amount and character to be determined by the board of directors in compliance with regulations adopted by the commissioner. (f) The board of directors shall appoint a president to act as chief executive officer of the credit union and to be actively in charge of the operations of the credit union.
AK Stat § 06.45.120 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 45. Alaska Credit Union Act|Sec. 06.45.120. Board of directors.

(a) The board of directors shall meet at least once a month and shall have the general direction and control of the business affairs of the credit union. Minutes of all meetings shall be kept. (b) The board of directors shall (1) act upon applications for membership; (2) require an officer or employee having custody of or handling funds to give bond with good and sufficient surety in an amount and character to be determined by the board of directors in compliance with regulations adopted by the commissioner and authorize the payment of the premium by the credit union; (3) fill vacancies in the board of directors until successors elected at the next annual meeting have qualified; (4) have charge of investments other than loans to members; the board of directors may designate a committee of not less than two to act as an investment committee that has charge of making investments under rules and procedures established by the board of directors; (5) determine the maximum number of shares and share certificates and the classes of shares and share certificates that may be held; (6) subject to the limitations of this chapter, determine the interest rates on loans, the security, and the maximum amount that may be loaned or provided in lines of credit; (7) subject to regulations adopted by the commissioner, authorize an interest refund to members of record at the close of business on the last day of any dividend period in proportion to the interest paid by the members during the dividend period; and (8) provide for compensation of officers and employees. (c) The board of directors may appoint an executive committee of not less than three directors to exercise authority delegated to it under the conditions and limitations prescribed by the board of directors.
AK Stat § 06.45.130 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 45. Alaska Credit Union Act|Sec. 06.45.130. Applications for membership.

(a) The board of directors shall establish procedures for the review and approval of applications for membership in the credit union. (b) Each month the board of directors shall review a list of applications for membership acted on during the preceding month. (c) If an application for membership is denied, the reasons for the denial shall be furnished to the applicant on request. (d) The board of directors may appoint a membership officer from the members of the credit union or the executive committee of the board of directors to review applications for membership. A treasurer, assistant treasurer, or loan officer may not review applications for membership.
AK Stat § 06.45.140 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 45. Alaska Credit Union Act|Sec. 06.45.140. Powers and duties of credit committee.

(a) The credit committee shall hold meetings to consider applications for loans and lines of credit as the business of the credit union may require but not less frequently than once a month. Reasonable notice of the meetings shall be given to members of the credit committee. (b) Except for the loans or lines of credit required to be approved by the board of directors under AS 06.45.060(a)(5), a majority of the entire credit committee may approve an application. (c) The credit committee may delegate to a loan officer the power to approve loans and lines of credit. A loan officer shall furnish to the credit committee a record of each approved or unapproved application within seven days of the filing of the application. (d) An application not approved by a loan officer shall be acted on by the credit committee. (e) An individual may not disburse funds of a credit union for a loan, line of credit, or application that the individual approved in the capacity of loan officer. (f) Applications for loans and lines of credit shall be made on forms prepared by the credit committee.
AK Stat § 06.45.150 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 45. Alaska Credit Union Act|Sec. 06.45.150. Loan restriction.

A loan may not be made to a member if, on the making of the loan, the member would be indebted to the credit union on loans from the credit union in an amount exceeding 10 percent of the unimpaired capital and surplus of the credit union.
AK Stat § 06.45.160 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 45. Alaska Credit Union Act|Sec. 06.45.160. Security.

For the purposes of loans made under this chapter, an assignment of shares or the endorsement of a note constitutes security, and, subject to regulations adopted by the commissioner, insurance obtained under Title 1 of the National Housing Act is adequate security.
AK Stat § 06.45.170 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 45. Alaska Credit Union Act|Sec. 06.45.170. Powers and duties of supervisory committee; suspension of committee members.

(a) The supervisory committee shall conduct an annual audit of the accounts of the credit union and submit a report of the audit to the board of directors and a summary of the audit to the members at the next annual members meeting of the credit union. The supervisory committee may conduct supplementary audits as it considers necessary or as ordered by the commissioner, and submit reports of the supplementary audits to the board of directors. (b) The supervisory committee shall verify the passbooks and accounts of the members with the records of the treasurer from time to time, but not less frequently than once every two years. In this subsection, “passbook” includes a book, statement of account, or other record approved by the commissioner for use by credit unions. (c) The supervisory committee may by a unanimous vote suspend an officer of the credit union or a member of the credit committee or the board of directors until the next meeting of the members, which shall be held not less than seven or more than 14 days after the suspension under this subsection. A 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 a violation of this chapter, the articles of incorporation or bylaws, or a practice of the credit union considered unsafe or unauthorized by the supervisory committee. (e) The board of directors may by a majority vote suspend a member of the supervisory committee until the next meeting of the members, which shall be held not less than seven or more than 14 days after the suspension. A suspension shall be acted upon by the members.
AK Stat § 06.45.180 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 45. Alaska Credit Union Act|Sec. 06.45.180. Reserves.

(a) At the end of each accounting period the gross income of the credit union shall be determined. From this amount, there shall be set aside as a regular reserve against losses on loans and against other losses specified in regulations adopted by the commissioner under this chapter sums in accordance with the following schedule: (1) a credit union in operation for more than four years and having assets of $500,000 or more shall set aside (A) 10 percent of gross income until the regular reserve equals four percent of the total of outstanding loans and risk assets; then (B) five percent of gross income until the regular reserve equals six percent of the total of outstanding loans and risk assets; (2) a credit union in operation less than four years or having assets of less than $500,000 shall set aside (A) 10 percent of gross income until the regular reserve equals seven and one-half percent of the total of outstanding loans and risk assets; then (B) five percent of gross income until the regular reserve equals 10 percent of the total of outstanding loans and risk assets; (3) when 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 amounts as may be needed to maintain the stated reserve goals. (b) The commissioner may decrease the reserve requirement in (a) of this section when the decrease is necessary or desirable. The commissioner may also require special reserves to protect the interests of members either by general regulation or for an individual credit union.
AK Stat § 06.45.190 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 45. Alaska Credit Union Act|Sec. 06.45.190. Dividends.

At intervals as the board of directors may authorize and after provision for required reserves, the board of directors may declare, under regulations adopted by the commissioner, 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. Dividend credit may be accrued on various types of shares and share certificates as authorized by the board of directors.
AK Stat § 06.45.200 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 45. Alaska Credit Union Act|Sec. 06.45.200. Expulsion and withdrawal of members.

A member may be expelled by a two-thirds vote of the members of a credit union present at a special meeting called for the purpose, but only after the member has been given an opportunity to be heard. Withdrawal or expulsion of a member does not discharge the liability of the member to the credit union. The amount to be paid a withdrawing or expelled member by a credit union shall be determined and paid in the manner specified in the bylaws.
AK Stat § 06.45.210 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 45. Alaska Credit Union Act|Sec. 06.45.210. Minors or trusts.

Shares of a credit union may be issued in the name of a minor or in trust, subject to conditions prescribed by the bylaws. When shares are issued in trust, the name of the beneficiary shall be disclosed to the credit union.
AK Stat § 06.45.220 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 45. Alaska Credit Union Act|Sec. 06.45.220. Suspension, conditional operation, and liquidation.

(a) The commissioner, upon a finding that the credit union is bankrupt, insolvent, or is operating in an unsafe or unsound manner or that the credit union has violated the provisions of its articles of incorporation or bylaws, this chapter, or regulations adopted by the commissioner, may exercise the powers granted under AS 06.01.030 and temporarily suspend the operations of the credit union. (b) The commissioner, under the regulations adopted by the commissioner, may permit operations to continue under conditions and procedures established by the commissioner, or direct the credit union to cease operations and appoint a liquidating agent to liquidate the credit union.
AK Stat § 06.45.230 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 45. Alaska Credit Union Act|Sec. 06.45.230. Exemption from taxation.

A credit union organized under this chapter, its property, franchises, capital, reserves, surpluses, and other funds, and its income are exempt from taxation by the state or a political subdivision of the state, except that real property and tangible personal property owned by a credit union is subject to taxation to the same extent that similar property is taxed. This section does not prevent holdings in a credit union organized under this chapter from being included in the valuation of the personal property of the owners or holders under taxes imposed by the state or a political subdivision of the state.
AK Stat § 06.45.240 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 45. Alaska Credit Union Act|Sec. 06.45.240. Conversions.

(a) A federal credit union may convert into a credit union organized under this chapter by complying with applicable federal law and by qualifying under this chapter. (b) A credit union organized under this chapter may convert into a federal credit union by complying with this chapter and by qualifying under federal law.
AK Stat § 06.45.250 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 45. Alaska Credit Union Act|Sec. 06.45.250. Insurance of member accounts.

A credit union organized under this chapter shall, under regulations adopted by the commissioner, participate in insurance of member accounts under programs offered by the National Credit Union Administration Board or a program of comparable insurance approved by the commissioner.
AK Stat § 06.45.260 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 45. Alaska Credit Union Act|Sec. 06.45.260. Liquidity facility participation.

A credit union organized under this chapter may, under regulations adopted by the commissioner, participate in the programs offered by the National Credit Union Central Liquidity Facility.
AK Stat § 06.45.270 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 45. Alaska Credit Union Act|Sec. 06.45.270. Conflict of interest.

(a) A member of the board of directors or a member of the credit committee or supervisory committee or an employee of a credit union may not participate in the deliberation or the determination of a question affecting the person's own pecuniary interest or the pecuniary interest of a corporation, partnership, or association in which the person is interested. (b) A person who violates (a) of this section may not thereafter serve as an officer, agent, or employee of a credit union.
AK Stat § 06.45.280 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 45. Alaska Credit Union Act|Sec. 06.45.280. Merger.

(a) A credit union may merge with another credit union under a plan agreed upon by a majority of the board of directors of each credit union and approved by a majority of the members of each credit union present at meetings called to approve the plan. (b) The commissioner may by regulation establish further procedures governing mergers.
AK Stat § 06.45.290 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 45. Alaska Credit Union Act|Sec. 06.45.290. Branch offices.

A credit union may establish a branch office under regulations of the commissioner.
AK Stat § 06.45.295 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 45. Alaska Credit Union Act|Sec. 06.45.295. Automated teller machines.

(a) A state credit union may establish, maintain, and operate an automated teller machine on the premises of the main office or a branch office of the state credit union. (b) A state credit union may establish, maintain, and operate an automated teller machine at a location other than credit union premises by notifying the department 30 days before the date of establishment. An automated teller machine operated off credit union premises shall be made available on a nondiscriminatory basis for use by depositors of other depository institutions authorized to do business in the state, upon the agreement of the other depository institutions to pay a fair and equitable amount for the use of the machine. (c) The notice required by (b) of this section must include (1) the location and general description of the surrounding area, including a description of the business establishment, if any, in which the machine will be located; (2) the manner of operation and the kinds of transactions that the machine will perform; (3) the names of the other depository institutions that will share the machine's services; and (4) other information required by the department. (d) A state credit union may invest in a corporation organized to operate machines that perform automated teller services for two or more depository institutions. (e) A person may not establish or operate an automated teller machine that accepts deposits unless those deposits are insured by the National Credit Union Share Insurance Fund or another agency of the United States that insures deposits.
AK Stat § 06.45.300 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 45. Alaska Credit Union Act|Sec. 06.45.300. Unauthorized conduct of credit union business.

It is a class A misdemeanor for a natural person to conduct business under a name or title that contains the words “credit union” or a derivation of them or to represent to be conducting business as a credit union.
AK Stat § 06.45.310 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 45. Alaska Credit Union Act|Sec. 06.45.310. Transfer of credit union's property to preferred creditor is void.

The transfer of property, money, or assets by a credit union after it becomes insolvent, to prefer one creditor over another, or to prevent the equal distribution of its property and assets among its creditors is void.
AK Stat § 06.45.340 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 45. Alaska Credit Union Act|Sec. 06.45.340. Limitations on credit unions.

A credit union may not acquire control directly or indirectly of another financial institution or invest in shares, stocks, or obligations of an insurance company, trade association, liquidity facility, or any other similar organization, corporation, or association except as expressly provided by this chapter.