reglab/housing_qa huggingface dataset:
CA Fin Code § 14500 (2021)
2021 California Code|Financial Code - FIN|DIVISION 5 - CREDIT UNIONS|CHAPTER 4 - Management and Operations|ARTICLE 3 - Officers|Section 14500.

14500.  (a) The officers of every credit union shall include a chairman or president, one or more vice chairmen or vice presidents, a secretary and a treasurer or chief financial officer.(b) The officers of any credit union may include other officers with titles and duties specified in the bylaws or determined by resolution of the board as may be necessary for the conduct of its affairs. The president, or if there is no president, the chairman of the board, is the general manager and chief executive officer of the credit union, unless otherwise provided in the bylaws.(c) Except as otherwise provided in a credit union’s bylaws, officers, other than those officers elected pursuant to Section 14454 and required pursuant to subdivision (a), shall be chosen by the board and serve at the pleasure of the board, subject to the rights, if any, of an officer under any contract of employment. Any officer may resign at any time upon written notice to the corporation without prejudice to the rights, if any, of the corporation under any contract or obligation with the credit union to which the officer is a party. An officer other than those officers required pursuant to subdivision (a), may, but need not be, a director of the credit union.(Amended by Stats. 1985, Ch. 951, Sec. 6.)
CA Fin Code § 14501 (2021)
2021 California Code|Financial Code - FIN|DIVISION 5 - CREDIT UNIONS|CHAPTER 4 - Management and Operations|ARTICLE 3 - Officers|Section 14501.

14501.  If the bylaws so provide, the directors may elect the same person as secretary and treasurer or chief financial officer.(Amended by Stats. 1985, Ch. 951, Sec. 7.)
CA Fin Code § 14502 (2021)
2021 California Code|Financial Code - FIN|DIVISION 5 - CREDIT UNIONS|CHAPTER 4 - Management and Operations|ARTICLE 3 - Officers|Section 14502.

14502.  The powers and duties of the officers of any credit union required pursuant to subdivision (a) of Section 14500 are as prescribed in the bylaws.(Amended by Stats. 1985, Ch. 951, Sec. 8.)
CA Fin Code § 14550 (2021)
2021 California Code|Financial Code - FIN|DIVISION 5 - CREDIT UNIONS|CHAPTER 4 - Management and Operations|ARTICLE 4 - Supervisory Committee|Section 14550.

14550.  Every credit union shall have a supervisory committee of at least three persons, provided that the number of members on the committee is an odd number, each of whom shall be a member of the credit union and elected by the members of the credit union. In the alternative, the board of directors may establish an audit committee subject to the requirements of Section 14556.(Amended by Stats. 2016, Ch. 353, Sec. 5. (AB 2274) Effective January 1, 2017.)
CA Fin Code § 14551 (2021)
2021 California Code|Financial Code - FIN|DIVISION 5 - CREDIT UNIONS|CHAPTER 4 - Management and Operations|ARTICLE 4 - Supervisory Committee|Section 14551.

14551.  The supervisory committee may:(a) Suspend at any time by unanimous vote, at a meeting called for that purpose, the credit committee, or any member thereof, or the credit manager, or any member of the board of directors, or any officer.(b) By a majority vote call a meeting of the members to consider any violation of this division or the bylaws, or any practices of the credit union which, in the opinion of the committee, are unsafe or unauthorized.(c) Inspect the securities, cash, and accounts of the credit union.(d) Fill vacancies in the supervisory committee until the next annual meeting of the members.(e) Declare vacant any office of a member of the supervisory committee if such member is absent from three consecutive regular meetings of the supervisory committee unless excused therefrom or is completely inactive as a member of the supervisory committee for a consecutive 12 months’ period.(Amended by Stats. 1996, Ch. 330, Sec. 1. Effective January 1, 1997.)
CA Fin Code § 14551.5 (2021)
2021 California Code|Financial Code - FIN|DIVISION 5 - CREDIT UNIONS|CHAPTER 4 - Management and Operations|ARTICLE 4 - Supervisory Committee|Section 14551.5.

14551.5.  The supervisory committee shall be responsible for reviewing the credit union’s policies and control procedures to safeguard against fraud and self-dealing, and the supervisory committee shall exercise whatever efforts are necessary pursuant to Sections 14551 and 14553 to meet those responsibilities.(Added by Stats. 1996, Ch. 330, Sec. 2. Effective January 1, 1997.)
CA Fin Code § 14552 (2021)
2021 California Code|Financial Code - FIN|DIVISION 5 - CREDIT UNIONS|CHAPTER 4 - Management and Operations|ARTICLE 4 - Supervisory Committee|Section 14552.

14552.  The supervisory committee shall, within seven days after suspension of any or all members of the credit committee, or any member of the board of directors, or any other officer, cause notice of a special meeting to be given to the members to take such action regarding the suspension as the members deem necessary.(Amended by Stats. 1985, Ch. 951, Sec. 9.)
CA Fin Code § 14553 (2021)
2021 California Code|Financial Code - FIN|DIVISION 5 - CREDIT UNIONS|CHAPTER 4 - Management and Operations|ARTICLE 4 - Supervisory Committee|Section 14553.

14553.  (a) The supervisory committee shall at least once each year make or cause to be made an audit of the books and records and an examination of the business and affairs of the credit union. The supervisory committee shall make a full report of the assets and liabilities, receipts and disbursements of the credit union to the board of directors. Those reports shall be presented at the annual meeting of members and filed with the records of the credit union.(b) The supervisory committee may make or cause to be made any supplementary inspections of the securities, cash, and accounts of the credit union or audits as it deems necessary, and submit reports of those audits to the board of directors.(Amended by Stats. 1998, Ch. 539, Sec. 23. Effective January 1, 1999.)
CA Fin Code § 14554 (2021)
2021 California Code|Financial Code - FIN|DIVISION 5 - CREDIT UNIONS|CHAPTER 4 - Management and Operations|ARTICLE 4 - Supervisory Committee|Section 14554.

14554.  No member of the supervisory committee shall serve as a member of the credit committee, as the credit manager, as a member of the board of directors, or as an employee of the credit union.(Amended by Stats. 1982, Ch. 691, Sec. 6.)
CA Fin Code § 14555 (2021)
2021 California Code|Financial Code - FIN|DIVISION 5 - CREDIT UNIONS|CHAPTER 4 - Management and Operations|ARTICLE 4 - Supervisory Committee|Section 14555.

14555.  The commissioner may, after investigation and finding that the supervisory committee is not performing in conformance with this article, declare all offices of the supervisory committee of a credit union vacant and shall direct the board of directors of the credit union to call a special meeting of the members for the purpose of electing a new supervisory committee to serve until the next regular annual meeting.(Amended by Stats. 1979, Ch. 811.)
CA Fin Code § 14556 (2021)
2021 California Code|Financial Code - FIN|DIVISION 5 - CREDIT UNIONS|CHAPTER 4 - Management and Operations|ARTICLE 4 - Supervisory Committee|Section 14556.

14556.  (a) The board of directors may, by resolution, establish an audit committee in lieu of a supervisory committee. An audit committee that meets all the requirements of this section shall be deemed to satisfy the requirements for a supervisory committee set forth in Sections 14550 to 14555, inclusive, or in any applicable bylaw provision.(b) The vote of the board of directors to establish an audit committee in lieu of a supervisory committee shall be affirmed by a majority vote of members voting. A membership vote may occur at any regular or special meeting of the members, or by written ballot subject to Section 7513 of the Corporations Code. Following the affirmative vote of the membership, the supervisory committee shall be deemed dissolved upon the appointment of an audit committee and the adoption of appropriate amendments to the credit union bylaws, consistent with subdivision (e) of Section 14103, by the board of directors.(c) The audit committee shall consist of at least three persons, provided that it is an odd number, each of whom shall be a member of the credit union and appointed by a majority of the board of directors.(1) Notwithstanding the limitations of subdivision (b) of Section 7212 of the Corporations Code, the audit committee may be composed of directors, or both directors and nondirectors, provided that no less than a majority of the members of the audit committee at any given time shall be composed of directors.(2) A member of the audit committee shall not serve as a member of the credit committee, as the credit manager, as the board chairman, or as an employee of the credit union.(3) An audit committee member may be appointed or removed by a majority vote of the board of directors and shall serve at the pleasure of the board. The removal of an audit committee member who is also a director of the credit union, for any reason, shall not impact their status as a director.(4) The commissioner, after investigation and finding that the audit committee is not performing in conformance with this article, may direct the board to replace any or all audit committee members.(d) The audit committee shall carry out the responsibilities set forth in subdivisions (a) to (c), inclusive, of Section 14551 and Sections 14551.5, 14552, and 14553 and shall:(1) Ensure that the credit union complies with Section 14252.(2) Ensure that the credit union maintains an effective internal audit program, including a system of internal controls and individuals with sufficient training and experience to adequately and timely review all key areas of a credit union’s operations.(e) The board of directors may, by subsequent resolution, reestablish a supervisory committee in lieu of an audit committee, which shall be affirmed by membership vote. The audit committee shall be deemed dissolved upon the election of a supervisory committee by the membership.(Amended by Stats. 2021, Ch. 762, Sec. 5. (SB 269) Effective January 1, 2022.)
CA Fin Code § 14600 (2021)
2021 California Code|Financial Code - FIN|DIVISION 5 - CREDIT UNIONS|CHAPTER 4 - Management and Operations|ARTICLE 5 - Credit Committee and Loan Officers|Section 14600.

14600.  Every credit union shall have a credit committee of at least three persons, each of whom shall be a member of the credit union, or in the alternative, a credit manager, to have general supervision of all obligations of members. The bylaws of the credit union shall provide that either: (1) the members of the credit committee shall be elected by the members of the credit union at their annual meeting, or (2) they shall be appointed by the board of directors, or (3) that the board of directors may establish the position of credit manager in lieu of a credit committee. The bylaws of the credit union shall provide for the terms of office of the credit committee, where the credit committee has been provided for in the bylaws, which shall not exceed three years, and which may be staggered.(Amended by Stats. 1984, Ch. 789, Sec. 3.)
CA Fin Code § 14601 (2021)
2021 California Code|Financial Code - FIN|DIVISION 5 - CREDIT UNIONS|CHAPTER 4 - Management and Operations|ARTICLE 5 - Credit Committee and Loan Officers|Section 14601.

14601.  No member of the credit committee or the credit manager or any loan officer shall serve as a member of the supervisory committee.(Amended by Stats. 1998, Ch. 539, Sec. 24. Effective January 1, 1999.)
CA Fin Code § 14602 (2021)
2021 California Code|Financial Code - FIN|DIVISION 5 - CREDIT UNIONS|CHAPTER 4 - Management and Operations|ARTICLE 5 - Credit Committee and Loan Officers|Section 14602.

14602.  (a) (1) No credit union shall create any obligation with a credit union member, without the written approval of a majority of all the members of the credit committee, the credit manager, or a loan officer appointed as provided in this section.(2) Paragraph (1) does not apply to the creation of an obligation in accordance with a credit scoring program, preapproval credit program, or similar program, if the program was adopted by the board of directors, credit committee, or credit manager and complies with a written lending policy on programs of that type established by the board of directors in accordance with Section 15100.(b) The credit committee or the credit manager may, with the approval of the board of directors, appoint one or more loan officers who shall be authorized to approve obligations with credit union members.(c) Neither the credit committee, a credit manager, or any loan officer shall have the power to approve membership applications.(d) No loan officers shall be permitted to approve any extension agreement of any obligation or the refinancing of any obligation except as prescribed in regulations promulgated by the commissioner.(e) The credit committee, or in the alternative, the credit manager shall be provided with a record of each obligation approved or not approved by any loan officer, within 30 days of the approval or disapproval.(Amended by Stats. 1998, Ch. 539, Sec. 25. Effective January 1, 1999.)
CA Fin Code § 14603 (2021)
2021 California Code|Financial Code - FIN|DIVISION 5 - CREDIT UNIONS|CHAPTER 4 - Management and Operations|ARTICLE 5 - Credit Committee and Loan Officers|Section 14603.

14603.  The credit committee, the credit manager, or a loan officer may approve in advance, upon their own motion or upon the application of any member, the extension of credit to any member and loans may be granted to such member within the limit of such extension of credit authorized by the board of directors pursuant to Section 15100. Where an extension of credit has been approved, applications for any extension of credit need not be approved by the credit committee, the credit manager, or loan officer as long as the aggregate amount of such obligations does not exceed the limit of such extension of credit authorized by the board of directors pursuant to Section 15100. The credit committee, the credit manager, or loan officer shall review, from time to time, all extensions of credit approved by them and any extension of credit approved for any member shall expire if such member becomes ineligible for a loan or becomes more than 90 days delinquent in his obligations to the credit union.(Amended by Stats. 1984, Ch. 209, Sec. 2.)
CA Fin Code § 14604 (2021)
2021 California Code|Financial Code - FIN|DIVISION 5 - CREDIT UNIONS|CHAPTER 4 - Management and Operations|ARTICLE 5 - Credit Committee and Loan Officers|Section 14604.

14604.  A credit union member whose written application to enter into any obligation is denied, may appeal from the denial of the credit committee, the credit manager, or loan officer to the board of directors.(Amended by Stats. 1984, Ch. 789, Sec. 5.)
CA Fin Code § 14605 (2021)
2021 California Code|Financial Code - FIN|DIVISION 5 - CREDIT UNIONS|CHAPTER 4 - Management and Operations|ARTICLE 5 - Credit Committee and Loan Officers|Section 14605.

14605.  A credit manager shall not disburse or have the authority to authorize any person to disburse the proceeds of any loan. A credit manager shall not authorize or make loans to other credit unions.(Added by Stats. 1982, Ch. 691, Sec. 12.)
CA Fin Code § 14650 (2021)
2021 California Code|Financial Code - FIN|DIVISION 5 - CREDIT UNIONS|CHAPTER 4 - Management and Operations|ARTICLE 6 - Investments|Section 14650.

14650.  Subject to the limitations of Sections 14402, 14403, and 14404, any credit union or credit unions may purchase, acquire and hold outstanding shares of a corporation engaged exclusively in holding property of the character described in Section 14402 and which property is or is to be used for the purposes set forth in Section 14402. The purchase or acquisition of stock of any such corporation shall be approved by two-thirds of all the directors of such credit union or credit unions.(Added by Stats. 1979, Ch. 112.)
CA Fin Code § 14651 (2021)
2021 California Code|Financial Code - FIN|DIVISION 5 - CREDIT UNIONS|CHAPTER 4 - Management and Operations|ARTICLE 6 - Investments|Section 14651.

14651.  (a) Every credit union may invest in the shares of stock of a corporation, or in membership or economic interests of a limited liability company, organized solely for the purpose of providing services to credit unions, provided the corporation or limited liability company is formed by a credit union or group of credit unions.(b) Every credit union may invest in the securities of a corporation or in membership or economic interests of a limited liability company that is not a corporation or limited liability company of the type described in subdivision (a) and that provides services to credit unions, provided the investment is approved by the commissioner.(Amended by Stats. 1998, Ch. 539, Sec. 25.3. Effective January 1, 1999.)
CA Fin Code § 14652 (2021)
2021 California Code|Financial Code - FIN|DIVISION 5 - CREDIT UNIONS|CHAPTER 4 - Management and Operations|ARTICLE 6 - Investments|Section 14652.

14652.  Every credit union may invest in securities and other assets described in Chapter 10 (commencing with Section 800) of Division 1 as legal investments for nonbank licensees.(Amended by Stats. 2011, Ch. 243, Sec. 16. (SB 664) Effective January 1, 2012.)
CA Fin Code § 14652.5 (2021)
2021 California Code|Financial Code - FIN|DIVISION 5 - CREDIT UNIONS|CHAPTER 4 - Management and Operations|ARTICLE 6 - Investments|Section 14652.5.

14652.5.  A credit union may organize, sponsor, operate, control, or render investment advice to, an investment company, or underwrite, distribute, or sell securities of any investment company which has qualified to sell its securities in this state pursuant to Part 2 (commencing with Section 25100) of Division 1 of Title 4 of the Corporations Code, if the officers and employees of the credit union who sell these securities meet such standards with respect to training, experience, and sales practices as established by the Secretary of Business, Consumer Services, and Housing or the secretary’s designee. For the purpose of this section, “investment company” means an investment company as defined in the Investment Company Act of 1940 (15 U.S.C., Sec. 80a-1 et seq.).(Amended by Stats. 2014, Ch. 401, Sec. 31. (AB 2763) Effective January 1, 2015.)
CA Fin Code § 14653 (2021)
2021 California Code|Financial Code - FIN|DIVISION 5 - CREDIT UNIONS|CHAPTER 4 - Management and Operations|ARTICLE 6 - Investments|Section 14653.

14653.  Credit unions may invest in a trust organized solely for the purpose of investing in United States government securities and United States government agency securities, provided the trust is formed by an organization composed of credit unions or an organization of credit union associations.(Amended by Stats. 1998, Ch. 539, Sec. 26. Effective January 1, 1999.)
CA Fin Code § 14653.5 (2021)
2021 California Code|Financial Code - FIN|DIVISION 5 - CREDIT UNIONS|CHAPTER 4 - Management and Operations|ARTICLE 6 - Investments|Section 14653.5.

14653.5.  Notwithstanding any other provision of law, a credit union may make any investment authorized by regulation or in writing by the commissioner.(Added by Stats. 1985, Ch. 951, Sec. 10.)
CA Fin Code § 14654 (2021)
2021 California Code|Financial Code - FIN|DIVISION 5 - CREDIT UNIONS|CHAPTER 4 - Management and Operations|ARTICLE 6 - Investments|Section 14654.

14654.  Credit unions may purchase from the vendor or lessor of any personal property, conditional sale contracts or vehicle lease agreements covering the sale or lease of that property or vehicle to its members. The credit union may hold and retain any such conditional sale contract or vehicle lease agreement as an investment.(Amended by Stats. 1982, Ch. 1570, Sec. 4.5.)
CA Fin Code § 14656 (2021)
2021 California Code|Financial Code - FIN|DIVISION 5 - CREDIT UNIONS|CHAPTER 4 - Management and Operations|ARTICLE 6 - Investments|Section 14656.

14656.  A credit union may, in accordance with rules and regulations prescribed by the commissioner, purchase from any liquidating credit union notes made by individual members of such liquidating credit union, at such prices and under such terms as may be agreed upon by the board of directors of the purchasing credit union and the board of directors, or liquidating agent, of the liquidating credit union.(Added by Stats. 1979, Ch. 112.)
CA Fin Code § 14659 (2021)
2021 California Code|Financial Code - FIN|DIVISION 5 - CREDIT UNIONS|CHAPTER 4 - Management and Operations|ARTICLE 6 - Investments|Section 14659.

14659.  (a) A credit union that is investing to fund an employee benefit plan obligation may purchase an investment that would otherwise be impermissible if the investment is directly related to the credit union’s obligation or potential obligation under the employee benefit plan and the credit union holds the investment only for as long as it has an actual or potential obligation under the employee benefit plan.(b)  For purposes of this section, specific authorization pursuant to Section 14653.5 is not required.(Added by Stats. 2018, Ch. 267, Sec. 4. (AB 2862) Effective January 1, 2019.)
CA Fin Code § 14700 (2021)
2021 California Code|Financial Code - FIN|DIVISION 5 - CREDIT UNIONS|CHAPTER 4 - Management and Operations|ARTICLE 7 - Reserves|Section 14700.

14700.  Every credit union shall create and maintain a regular reserve as specified by the commissioner.(Amended by Stats. 1998, Ch. 539, Sec. 27. Effective January 1, 1999.)
CA Fin Code § 14701 (2021)
2021 California Code|Financial Code - FIN|DIVISION 5 - CREDIT UNIONS|CHAPTER 4 - Management and Operations|ARTICLE 7 - Reserves|Section 14701.

14701.  Losses incurred by a credit union may be charged to its regular reserve as permitted by rule of the commissioner.(Amended by Stats. 1981, Ch. 765, Sec. 3.)
CA Fin Code § 14702 (2021)
2021 California Code|Financial Code - FIN|DIVISION 5 - CREDIT UNIONS|CHAPTER 4 - Management and Operations|ARTICLE 7 - Reserves|Section 14702.

14702.  In addition to the regular reserve, special reserves shall be established when required by regulation or when found necessary by the board of directors of the credit union or by the commissioner.(Amended by Stats. 1980, Ch. 1097, Sec. 6.)
CA Fin Code § 14703 (2021)
2021 California Code|Financial Code - FIN|DIVISION 5 - CREDIT UNIONS|CHAPTER 4 - Management and Operations|ARTICLE 7 - Reserves|Section 14703.

14703.  A credit union shall establish and maintain an allowance-for-loan-losses account in accordance with generally accepted accounting principles. The commissioner may order the credit union to increase the amount of its allowance-for-loan-losses account if the commissioner finds that the amount of the account is not adequate.(Amended by Stats. 2004, Ch. 324, Sec. 2. Effective January 1, 2005.)
CA Fin Code § 14750 (2021)
2021 California Code|Financial Code - FIN|DIVISION 5 - CREDIT UNIONS|CHAPTER 4 - Management and Operations|ARTICLE 8 - Penalties|Section 14750.

14750.  Except as provided in Section 14950, any officer, director, member of a committee of a credit union, loan officer appointed pursuant to Section 14602, or employee who knowingly permits the creation of an obligation with, or participates in the creation of an obligation with, a nonmember of the credit union, or knowingly permits the creation of an obligation or participates in the creation of an obligation which is not made in conformity with the requirements of this division, is guilty of a misdemeanor.(Amended by Stats. 2007, Ch. 148, Sec. 6. Effective January 1, 2008.)