reglab/statecodes huggingface dataset:
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1736 - Examinations.

21-1736.
Examinations.
(1) The director shall examine or cause to be examined each credit union as often as deemed necessary. Each credit union and all of its officials and agents shall give the director or any of the examiners appointed by him or her free and full access to all books, papers, securities, and other sources of information relative to such credit union. For purposes of the examination, the director may subpoena witnesses, administer oaths, compel the giving of testimony, and require the submission of documents.
(2) The department shall forward a report of the examination to the chairperson of the board of directors within ninety calendar days after completion. The report shall contain comments relative to the management of the affairs of the credit union and the general condition of its assets. Within ninety calendar days after the receipt of such report, the members of the board of directors and the members of the supervisory committee and credit committee, if any, shall meet to consider the matters contained in the report.
(3) The director may require special examinations of and special financial reports from a credit union or a credit union service organization in which a credit union loans, invests, or delegates substantially all managerial duties and responsibilities when he or she determines that such examinations and reports are necessary to enable the director to determine the safety of a credit union's operations or its solvency. The cost to the department of such special examinations shall be borne by the credit union being examined.
(4) The director may accept, in lieu of any examination of a credit union authorized by the laws of this state, a report of an examination made of a credit union by the National Credit Union Administration or may examine any such credit union jointly with such federal agency. The director may make available to the National Credit Union Administration copies of reports of any examination or any information furnished to or obtained by the director in any examination.
Source
Laws 1996, LB 948, § 36;
Laws 2002, LB 957, § 18;
Laws 2017, LB375, § 5.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1737 - Records.

21-1737.
Records.
(1) A credit union shall maintain all books, records, accounting systems, and procedures in accordance with the rules and regulations as the director from time to time may prescribe.
(2) Credit unions shall preserve or keep their records or files, or photographic or microphotographic copies thereof, for a period of not less than six years after the first day of January of the year following the time of the making or filing of such records or files except as provided in subsection (3) of this section.
(3)(a) Ledger sheets showing unpaid balances in favor of members of credit unions shall not be destroyed unless the credit union has remitted such unpaid balances to the State Treasurer in accordance with the Uniform Disposition of Unclaimed Property Act. Credit unions shall retain a record of every such remittance for ten years following the date of such remittance.
(b) Corporate records that relate to the corporation or the corporate existence of the credit union shall not be destroyed.
(4) A credit union shall not be liable for destroying records after the expiration of the record retention period provided in this section except for records involved in an official investigation or examination about which the credit union has received notice.
(5) A reproduction of any credit union records shall be admissible as evidence of transactions with the credit union as provided in section 25-12,112.
Source
Laws 1996, LB 948, § 37;
Laws 1999, LB 396, § 21.
Cross References
Uniform Disposition of Unclaimed Property Act, see section 69-1329.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1738 - Reports.

21-1738.
Reports.
A credit union shall report to the department annually on or before the first day of February on forms supplied by the department for that purpose. The chairperson of the board of directors and the president of the credit union shall sign the report or reports certifying that such report or reports are correct according to their best knowledge and belief. The director may require additional reports as he or she deems appropriate and necessary. An additional fee of fifty dollars shall be levied for each day a credit union fails to provide a required report unless the delay is excused for cause.
Source
Laws 1996, LB 948, § 38;
Laws 1997, LB 137, § 11.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1741 - Safe deposit box service.

21-1741.
Safe deposit box service.
A credit union, by action of its board of directors, may, to the same extent as a bank organized under the laws of this state, operate a safe deposit box service for its members pursuant to sections 8-501 and 8-502.
Source
Laws 1996, LB 948, § 41;
Laws 1997, LB 137, § 14;
Laws 2017, LB375, § 7.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1743 - Membership; requirements.

21-1743.
Membership; requirements.
(1) The membership of a credit union shall consist of the subscribers to the articles of association and such persons, societies, associations, partnerships, and corporations as have been duly elected, members who have subscribed for one or more shares, have paid for such share or shares in whole or in part, have paid the entrance fee provided in the bylaws, and have complied with such other requirements as the articles of association and bylaws may specify. For purposes of obtaining a loan and to vote at membership meetings, a member, to be in good standing, must own at least one fully paid share. Credit union organization shall be limited to groups of both large and small membership having a common bond of occupation or association, including religious, social, or educational groups, employees of a common employer, or members of a fraternal, religious, labor, farm, or educational organization and the members of the immediate families of such persons.
(2) A person having been duly admitted to membership, having complied with the Credit Union Act, the articles of association, and the bylaws, having paid the entrance fee, and having paid for at least one share, shall retain full rights and privileges of membership for life unless that membership is terminated by withdrawal or expulsion in the manner provided by the act.
Source
Laws 1996, LB 948, § 43.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1745 - Retention of membership; when.

21-1745.
Retention of membership; when.
Members who cease to be eligible or who leave the field of membership may be permitted to retain their membership in the credit union under reasonable standards established by the board of directors unless terminated by withdrawal or expulsion.
Source
Laws 1996, LB 948, § 45.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1747 - Expulsion of members.

21-1747.
Expulsion of members.
(1) Any member may be expelled by a two-thirds vote of the members present at any regular meeting or a special meeting called to consider the matter, but only after an opportunity has been given to the member to be heard.
(2) The board of directors may expel a member pursuant to a written policy adopted by it. All members shall be given written notice of the terms of any such policy. Any person expelled by the board shall have the right, within thirty calendar days, to request a hearing before it to reconsider the expulsion. The board of directors shall schedule the requested hearing within sixty calendar days after the request.
Source
Laws 1996, LB 948, § 47.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1748 - Termination of members.

21-1748.
Termination of members.
(1) A member may voluntarily terminate his or her membership at any time in the way and manner provided in the bylaws.
(2) Termination of membership shall not serve to relieve a person from any liability to the credit union nor shall it be the basis for accelerating any obligation not in default. A terminated member shall be paid all sums in any of his or her share accounts without maturity dates within thirty calendar days. Sums in any share account with a maturity date shall not be paid prior to maturity unless the member specifically requests the funds. The credit union shall not be required to pay any funds from a share account to the extent that they secure loans and other obligations owing to the credit union.
Source
Laws 1996, LB 948, § 48.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1749 - Meetings.

21-1749.
Meetings.
The annual meeting and any special meeting of the members of the credit union shall be held in accordance with the bylaws. A special meeting of the members of the credit union may be called by the members or by the board of directors as provided in the bylaws. A credit union shall give notice of the time and place of any meeting of its members. In the case of a special meeting, the notice of such special meeting shall state the purpose of the meeting and the notice shall be given at least ten calendar days prior to the date of such special meeting.
Source
Laws 1996, LB 948, § 49.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1750 - Voting rights.

21-1750.
Voting rights.
(1) In any election or other membership vote, a member shall have only one vote, irrespective of the member's shareholdings. No member may vote by proxy, but a member other than an individual may vote through an agent designated for that purpose. Members may also vote by absentee ballot, mail, or other method if the bylaws of the credit union so provide.
(2) The board of directors may establish a minimum age of not greater than eighteen years as a qualification of eligibility to vote at meetings of members of the credit union, to hold office, or both.
(3) An organization having membership in the credit union may be represented and have its vote cast by one of its members or shareholders if such person has been so authorized by the organization's governing body.
(4) In elections when more than one office of the same type is being filled, the member shall have as many votes as there are offices being filled, but the member shall not cast more than one of these votes for any one candidate.
Source
Laws 1996, LB 948, § 50.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1751 - Special meeting.

21-1751.
Special meeting.
The supervisory committee, by a majority vote, may call a special meeting of the members of the credit union as provided in section 21-1749 to consider any violation of the Credit Union Act, any violation of the credit union's articles of association or bylaws, or any practice of the credit union deemed by the board of directors or supervisory committee to be unsafe or unauthorized.
Source
Laws 1996, LB 948, § 51.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1752 - Central credit union; membership.

21-1752.
Central credit union; membership.
Credit unions organized and existing under the Credit Union Act may organize and have membership in a central credit union to which federal credit unions organized and operating in this state may belong and in which officials of both such credit unions may have membership. Organizations which are organized for the purpose of furthering credit union activities and their employees may have membership in such credit union. Small employee groups of fifty or more employees having a common bond of occupation whose probability of a successful operation would be limited because of the lack of adequate membership may join as a group in the central credit union and become members of that credit union with all the rights existing under the act.
Source
Laws 1996, LB 948, § 52.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1753 - Central credit union; board of directors; credit committee.

21-1753.
Central credit union; board of directors; credit committee.
At the first annual meeting of a central credit union, the members shall elect a board of directors of not less than nine members and a credit committee of not less than three members. No member of the board shall be a member of the credit committee and no credit union small employee group or affiliated organization shall be represented by more than one member on the board of directors, one member on the credit committee, and one member on the supervisory committee.
Source
Laws 1996, LB 948, § 53.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1754 - Central credit union; board of directors; officers; supervisory committee.

21-1754.
Central credit union; board of directors; officers; supervisory committee.
At the first meeting of each fiscal year, the board of directors of a central credit union shall elect from its number a president, vice president, secretary, and treasurer. The offices of secretary and treasurer may be held by one person if the bylaws so provide. Officers shall hold office for one year or until their successors are chosen and duly qualified. At the first meeting of each fiscal year, the board of directors shall elect a supervisory committee of not less than five members, none of whom shall be a member of the board of directors or the credit committee.
Source
Laws 1996, LB 948, § 54.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1755 - Central credit union; purchase of credit union.

21-1755.
Central credit union; purchase of credit union.
With the approval of the department, a central credit union established under section 21-1752 may purchase the assets, assume the liabilities, and accept the membership of a credit union. Such purchase shall be approved by at least a two-thirds majority of the board of directors or the duly appointed trustees of the credit union to be sold.
Source
Laws 1996, LB 948, § 55;
Laws 2002, LB 1094, § 11.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1756 - Central credit union; loans and investments; limitations.

21-1756.
Central credit union; loans and investments; limitations.
All member credit unions may borrow and invest up to an amount specified by the board of directors of the central credit union in accordance with the limitation of section 21-1791. The central credit union may purchase all or any part of a loan originated by a member credit union to one of its individual members, who does not need to be a member of the central credit union.
Source
Laws 1996, LB 948, § 56.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1758 - Election or appointment of board and committees.

21-1758.
Election or appointment of board and committees.
(1) The board of directors of any credit union shall consist of an odd number of directors, at least five in number, to be elected by and from the members. Elections shall be held at the annual meeting or in such other manner as provided by the bylaws. All members of the board of directors shall hold office for such terms as provided by the bylaws, except that the terms of the board members shall be staggered so that an approximately equal number of terms expire each year.
(2) The supervisory committee shall have at least three members. The members shall be appointed by the board of directors or elected by the credit union members in such numbers and for terms as provided in the bylaws. No member of the supervisory committee shall be a director, officer, loan officer, credit committee member, or employee of the credit union while serving on the supervisory committee.
(3) If the bylaws provide for a credit committee, the committee shall have at least three members. The members shall be appointed by the board of directors or elected by the credit union members in such number and for such terms as provided in the bylaws. The credit committee shall have and perform the duties as provided in the bylaws. If the bylaws do not provide for a credit committee, the board of directors shall have and perform the duties of the credit committee or delegate the duties as it so chooses.
Source
Laws 1996, LB 948, § 58.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1759 - Record of board and committee membership.

21-1759.
Record of board and committee membership.
The credit union shall file within thirty calendar days after the credit union's annual meeting, a record of the names and addresses of (1) the members of its board of directors, (2) the members of its supervisory and credit committees, and (3) its officers, as required by the department. Such filing shall be made on forms approved and provided by the department.
Source
Laws 1996, LB 948, § 59.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1760 - Vacancies.

21-1760.
Vacancies.
The board of directors shall fill any vacancies occurring on the board. An individual appointed to fill a vacancy on the board shall serve the remainder of the unexpired term, except that he or she shall cease to serve immediately if he or she replaced a director who was suspended or removed by the board or the supervisory committee and the credit union membership reversed such suspension or removal. Vacancies in the credit or supervisory committees shall be filled as provided in the bylaws.
Source
Laws 1996, LB 948, § 60.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1761 - Compensation; expenses.

21-1761.
Compensation; expenses.
No officer, director, or committee member, jointly or severally, shall receive any compensation, directly or indirectly, for services performed for the credit union as such officer, director, or committee member, except that the treasurer may be compensated for his or her services in the amount, way, and manner provided for by the board of directors. However, providing life, health, accident, and similar insurance protection in reasonable amounts for a director or committee member shall not be considered compensation. Officials, while on credit union business, may be reimbursed for their necessary expenses incidental to the performance of credit union business.
Source
Laws 1996, LB 948, § 61;
Laws 1999, LB 107, § 3.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1762 - Conflicts of interest.

21-1762.
Conflicts of interest.
No official, agent, or employee of a credit union shall in any manner, directly or indirectly, participate in the deliberation upon the determination of any question affecting that person's pecuniary interest or the pecuniary interest of any corporation, partnership, or association, other than the credit union, in which that person is directly or indirectly interested.
Source
Laws 1996, LB 948, § 62.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1763 - Indemnification.

21-1763.
Indemnification.
A credit union may indemnify any or all of its officials and employees or former officials or employees against expenses actually and necessarily incurred by them in connection with the defense or settlement of any action, suit, or proceeding in which they, or any of them, are made a party or parties thereto by reason of being or having been an official or employee of the credit union. A credit union may not indemnify any or all of its officials and employees or former officials or employees against expenses actually and necessarily incurred by them in relation to matters as to which any such official or employee shall be adjudged in such action, suit, or proceeding to be liable for willful misconduct in the performance of duty and to such matters as are settled by agreement predicated on the existence of such liability.
Source
Laws 1996, LB 948, § 63.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1764 - Officers; duties.

21-1764.
Officers; duties.
(1) The members of the board of directors shall elect from their own number a chairperson, one or more vice-chairpersons, a treasurer, and a secretary, at the organizational meeting held as provided in the bylaws. The board shall fill vacancies in the positions described in this subsection as they occur. The treasurer and the secretary may be the same individual. The board shall also elect any other officers that are specified in the bylaws.
(2) The terms of the chairperson, vice-chairperson, treasurer, and secretary shall be for one year or until their successors are chosen and have been duly qualified. If the chairperson, a vice-chairperson, the treasurer, or the secretary is suspended, is removed, or has resigned as a board member, his or her position shall be deemed vacant.
(3) The duties of the officers shall be prescribed in the bylaws.
(4) The board of directors shall appoint a president to act as the chief executive officer of the credit union and to be in active charge of the credit union's operations.
(5) Notwithstanding any other provision of the Credit Union Act, a credit union may use any titles it so chooses for the officials holding the positions described in this section, as long as such titles are not misleading.
Source
Laws 1996, LB 948, § 64.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1766 - Executive committee.

21-1766.
Executive committee.
The board of directors may appoint from its own number an executive committee, consisting of not less than three directors, which may be authorized to act for the board in all respects, subject to any conditions or limitations prescribed by the board.
Source
Laws 1996, LB 948, § 66.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1767 - Meetings of directors.

21-1767.
Meetings of directors.
(1) The board of directors shall have regular meetings as often as necessary but not less frequently than once a month unless otherwise approved by the Director of Banking and Finance. Special meetings of the board may be called as provided in the bylaws.
(2) Unless the articles of association or bylaws provide otherwise, the board of directors may permit any or all directors to participate in a regular or special meeting by, or conduct the meeting through the use of, any means of communication by which all directors participating may simultaneously hear each other during the meeting. A director participating in a meeting by this means shall be deemed to be present in person at the meeting.
(3) If the Director of Banking and Finance deems it expedient, he or she may call a meeting of the board of directors of any credit union, for any purpose, by giving notice to the directors of the time, place, and purpose thereof at least three business days prior to the meeting, either by personal service or by registered or certified mail sent to their last-known addresses as shown on the credit union books.
(4) A full and complete record of the proceedings and business of all meetings of the board of directors shall be recorded in the minutes of the meeting.
Source
Laws 1996, LB 948, § 67;
Laws 2000, LB 932, § 24.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1767.01 - Bond.

21-1767.01.
Bond.
The department shall require each credit union to obtain a fidelity bond, naming the credit union as obligee, in an amount to be determined by the department. The bond shall be issued by an authorized insurer and shall be conditioned to protect and indemnify the credit union from loss which it may sustain of money or other personal property, including that for which the credit union is responsible through or by reason of the fraud, dishonesty, forgery, theft, embezzlement, wrongful abstraction, misapplication, misappropriation, or any other dishonest or criminal act of or by any of its officers, directors, supervisory committee members, credit committee members, or employees. Such bond may contain a deductible clause in an amount to be approved by the director. An executed copy of the bond shall be filed with and approved by the director and shall remain a part of the records of the department. If the premium of the bond is not paid, the bond shall not be canceled or subject to cancellation unless at least ten days' advance notice, in writing, is filed with the department by the insurer. No bond which is current with respect to premium payments shall be canceled or subject to cancellation unless at least forty-five days' advance notice, in writing, is filed with the department by the insurer. The bond shall always be open to public inspection during the office hours of the department. In the event a bond is canceled, the department may take whatever action it deems appropriate in connection with the continued operation of the credit union involved.
Source
Laws 2000, LB 932, § 25.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1768 - Duties of directors.

21-1768.
Duties of directors.
In addition to the duties found elsewhere in the Credit Union Act, the board of directors shall:
(1) Act upon applications for membership or appoint one or more membership officers to act on applications for membership under such conditions as prescribed by the board. A person denied membership by a membership officer may appeal the denial in writing to the board;
(2) Purchase adequate bond coverage as required by section 21-1767.01;
(3) Report to the department all bond claims within thirty calendar days after filing and all frauds and embezzlements involving officials or employees within thirty calendar days after discovery;
(4) Determine from time to time the interest rate or rates, consistent with the Credit Union Act, to be charged on loans, or under such conditions as prescribed by the board, delegate the authority to make such determinations and to authorize any interest refunds on such classes of loans and under such conditions as the board prescribes;
(5) Establish the policies of the credit union with respect to (a) shares, share drafts, and share certificates and (b) the granting of loans and the extending of lines of credit, including, subject to the limitations contained in section 21-1791, the maximum amount which may be loaned to any one member;
(6) Declare dividends on shares or delegate the authority to declare dividends under such conditions as prescribed by the board;
(7) Have charge of investment of funds, except that the board may appoint an investment committee of not less than three directors or an investment officer who is either a member of the board of directors or an employee of the credit union to make investments under conditions and policies established by the board and to make monthly reports to the board;
(8) Establish written policies for investments, including deposits and loans other than those to individuals, which address, at a minimum, investment objectives, investment responsibility, portfolio composition, diversification, and the financial condition of the investment obligor;
(9) Authorize the employment of such persons necessary to carry on the business of the credit union and fix the compensation, if any, of the chief executive officer;
(10) Approve an annual operating budget for the credit union which includes provisions for the compensation of employees;
(11) Designate a depository or depositories for the funds of the credit union;
(12) Suspend or remove any or all members of the credit committee, if any, for failure to perform their duties;
(13) Appoint any special committee deemed necessary;
(14) Adopt and enforce the overall policies for the operation of the credit union; and
(15) Perform such other duties as directed by the members of the credit union from time to time and perform or authorize any action not inconsistent with the Credit Union Act and not specifically reserved by the bylaws for the members of the credit union.
Source
Laws 1996, LB 948, § 68;
Laws 2000, LB 932, § 26.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1769 - Credit committee; credit manager; loan officers; powers and duties.

21-1769.
Credit committee; credit manager; loan officers; powers and duties.
(1) The credit committee shall have the general supervision of all loans to members and may approve or disapprove those loans subject to written policies established by the board of directors.
(2) A credit manager having the same authority as a credit committee may be appointed in lieu of a credit committee as prescribed in the bylaws. The president may serve as the credit manager.
(3) The board of directors may appoint one or more loan officers and necessary assistants.
(4) The loan officers shall act under the direction of the president or the president's designee.
(5) The loan officer or credit manager may approve or disapprove loans, lines of credit, or advances from lines of credit and approve withdrawals of obligated members only as prescribed in writing by the board of directors.
(6) All loans approved by the loan officer shall be reviewed by the credit committee during one of its regular meetings.
(7) If the board of directors appoints a credit manager in lieu of a credit committee, all such loans approved by loan officers shall be reviewed by the credit manager.
(8) Other duties and responsibilities of the credit committee or credit manager may be prescribed in the bylaws.
Source
Laws 1996, LB 948, § 69.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1770 - Loan officer license; opt out.

21-1770.
Loan officer license; opt out.
The chief executive officer or the credit committee may apply to the department on forms supplied by the department for the licensing of one or more loan officers in order to delegate to such loan officers the power to approve loans and disburse loan funds up to the limits and according to policies established by the credit committee, if any, and in the absence of a credit committee, the board of directors. Such application shall include information deemed necessary by the department and shall be signed by the entire credit committee, if any, and in the absence of a credit committee, the entire board of directors, as well as the new loan officer seeking a license. No person shall act in the capacity of loan officer for more than thirty days until approved by the department unless the credit union has elected to opt out of licensing loan officers on forms supplied by the department.
Source
Laws 1996, LB 948, § 70;
Laws 1999, LB 107, § 4;
Laws 2017, LB140, § 148.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1771 - Supervisory committee; duties; audit.

21-1771.
Supervisory committee; duties; audit.
(1) Unless the credit union has been audited by a certified public accountant, the supervisory committee shall make or cause to be made a comprehensive annual audit of the books and affairs of the credit union. It shall submit a report of each annual audit to the board of directors and a summary of that report to the members at the next annual meeting of the credit union.
(2) The supervisory committee shall make or cause to be made such supplementary audits, examinations, and verifications of members' accounts as it deems necessary or as are required by the director or the board of directors and shall submit reports of these supplementary audits to the board of directors.
(3) Nothing in this section shall prohibit the department for cause from requiring a credit union to obtain a qualified opinion audit conducted by a certified public accountant and paid for by the credit union.
Source
Laws 1996, LB 948, § 71.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1772 - Suspension and removal of officials.

21-1772.
Suspension and removal of officials.
(1) The supervisory committee may, by a unanimous vote of the entire committee, suspend any member of the credit committee and shall report such action to the board of directors for appropriate action. The board shall meet not less than seven nor more than twenty-one calendar days after such suspension. The suspended person shall have the right to appear and be heard at such meeting of the board.
(2) The supervisory committee may, by a unanimous vote of the entire committee, suspend any officer or member of the board of directors. Upon the request of the suspended director made fifteen calendar days after the suspension and supported by ten percent of the membership, the credit union shall call a special members' meeting which shall be held not less than seven nor more than twenty-one calendar days after such request. At such meeting the members shall decide whether to sustain or reverse the action of the supervisory committee.
(3) The board of directors may suspend or remove any member of the supervisory committee for cause by a two-thirds vote of the total board membership for failure to perform his or her duties in accordance with the Credit Union Act, the articles of association, or the bylaws.
(4) The board of directors may, by majority vote, suspend or remove any officer from his or her duties.
(5) The members of the credit union may remove any official of the credit union from office but only at a special meeting of the members called for that purpose.
Source
Laws 1996, LB 948, § 72.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1773 - Share insurance.

21-1773.
Share insurance.
No credit union organized under the Credit Union Act shall establish share accounts for any person other than a subscriber before the credit union has received a certificate of federal share insurance issued by the National Credit Union Administration under section 201 et seq. of the Federal Credit Union Act, 12 U.S.C. 1781 et seq.
Source
Laws 1996, LB 948, § 73.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1774 - Shares.

21-1774.
Shares.
(1) Share accounts and membership shares, if any, may be subscribed to, paid for, and transferred in such manner as the bylaws may prescribe. A credit union may have more than one class of share accounts subject to such terms, rates, and conditions as the board of directors establishes or as provided for in the underlying contract. All classes of share accounts shall be treated equally in the event of liquidation of the credit union.
(2) A credit union may require its members to subscribe to and make payments on membership shares.
(3) The par value of share accounts and membership shares shall be as prescribed in the bylaws.
(4) Membership shares may not be pledged as security on any loan.
Source
Laws 1996, LB 948, § 74.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1775 - Special purpose share accounts.

21-1775.
Special purpose share accounts.
Christmas clubs, vacation clubs, and other special purpose share accounts may be established and offered to members under the conditions and restrictions established by the board of directors if provided for in and consistent with the bylaws.
Source
Laws 1996, LB 948, § 75.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1776 - Dividends.

21-1776.
Dividends.
(1) The board of directors may periodically authorize and declare dividends to be paid on share accounts and membership shares, if any, from the credit union's undivided earnings after provisions have been made for the required reserves. Share accounts within the same class and of different classes may be paid dividends at differing rates depending on the amounts in the account or the contractual terms applicable to the account.
(2) Dividends shall not be declared or paid at a time when the credit union is insolvent or when payment thereof would render the credit union insolvent.
Source
Laws 1996, LB 948, § 76.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1777 - Accounting for interest and dividend expenses.

21-1777.
Accounting for interest and dividend expenses.
A credit union shall accrue, as an expense on a monthly basis, all dividends on any type of share account whether or not the rates involved have been specified or contracted for in advance. This section shall not be interpreted to permit a credit union to pay a dividend, except as provided in section 21-1776. Reasonable estimates may be used for the expense accrual required by this section except at the end of a dividend period.
Source
Laws 1996, LB 948, § 77.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1778 - Maximum share account.

21-1778.
Maximum share account.
A credit union may, by action of the board of directors, establish a maximum amount that a member may have in any given type of share account. Any such action shall not affect any contract entered into by the credit union prior to the time of such action.
Source
Laws 1996, LB 948, § 78.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1779 - Withdrawals.

21-1779.
Withdrawals.
(1) Shares may be withdrawn for payment to the account holder or to third parties in the manner and in accordance with procedures established by the board of directors subject to any rules and regulations prescribed by the department.
(2) Share accounts shall be subject to any withdrawal notice requirement specified in the contract creating the account. In addition, a credit union may impose a thirty-day withdrawal notice on all accounts when it has not specifically waived this right if it notifies the department of such imposition and the reasons therefor.
(3) A membership share may not be redeemed or withdrawn except upon termination of membership in the credit union.
Source
Laws 1996, LB 948, § 79.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1780 - Fees related to member accounts.

21-1780.
Fees related to member accounts.
(1) A credit union may collect reasonable fees and charges with respect to member accounts. The fees may be for:
(a) Additional copies of periodic statements;
(b) Various types of transactions on a per-transaction basis;
(c) A check or draft returned to the credit union by another financial institution because it was drawn against a closed account or an account with insufficient funds or for any other reason;
(d) Stop-payment orders;
(e) Any form of members' initiated withdrawal requests which the credit union rejects for any justifiable reason; and
(f) Any other service or activity relating to member share accounts.
(2) No credit union shall impose or increase any fee after October 1, 1996, until thirty calendar days after notification has been provided or made available to credit union members.
Source
Laws 1996, LB 948, § 80.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1781 - Minor accounts.

21-1781.
Minor accounts.
A share account may be issued to and deposits received from a member less than nineteen years of age who may withdraw funds from such account, including the dividends thereon. Payments on a share account by such individual and withdrawals on a share account by such individual shall be valid in all respects.
Source
Laws 1996, LB 948, § 81.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1782 - Joint accounts.

21-1782.
Joint accounts.
(1) A credit union member may designate any person or persons to own a share account with the member in joint tenancy with right of survivorship, as a tenant in common, or under any other form of joint ownership permitted by law and allowed by the credit union.
(2) Payment may be made, in whole or in part, to any of the joint owners if an agreement permitting such payment was signed and dated by all persons when the shares were issued or thereafter. Payment made pursuant to this section discharges the credit union from all claims for amounts paid, whether or not the payment is consistent with the beneficial ownership of the account.
(3) If more than one joint owner seeks credit union membership through a joint account, each prospective member must meet any membership requirements described in the credit union's bylaws.
Source
Laws 1996, LB 948, § 82;
Laws 2017, LB375, § 8.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1783 - Trust accounts.

21-1783.
Trust accounts.
(1) Share accounts may be owned by a member in trust for a beneficiary.
(2) A beneficiary may be a minor, but no beneficiary, unless a member in his or her own right, shall be permitted to vote, obtain loans, or hold office or be required to pay a membership fee.
(3) Payment of part or all of such trust account to the party in whose name the account is held shall, to the extent of such payment, discharge the liability of the credit union to that party and to the beneficiary, and the credit union shall be under no obligation to see to the application of such payment.
(4) In the event of the death of the party who owns the trust account, the account funds and any dividends thereon shall be paid to the beneficiary if the credit union has not been given any other written notice of the existence or terms of any other trust and has not received a court order as to the disposition of the account.
Source
Laws 1996, LB 948, § 83.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1784 - Liens.

21-1784.
Liens.
A credit union shall have a lien on the share accounts from which a member may withdraw funds for his or her own use for (1) any loan or other obligation on which the member is an obligor or guarantor and (2) any other liability at the time owing to the credit union, unless the lien has been contractually waived, would cause the loss of a tax benefit for the member, or is prohibited by law. Such a lien shall not apply to an account in which the member may act solely on behalf of another person, nor shall it apply to an account in which the consent of a person not obligated on the loan or other obligation is required for a withdrawal. A credit union may exercise the lien up to the full amount of the account by offsetting funds in the account against any sums past due under such an obligation or, in the case of an obligation which has been accelerated, against the entire amount of the obligation.
Source
Laws 1996, LB 948, § 84.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1785 - Dormant accounts.

21-1785.
Dormant accounts.
If there has been no activity in a share account for one year, except for the posting of dividends, a credit union may impose a reasonable maintenance fee as provided in the bylaws.
Source
Laws 1996, LB 948, § 85.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1786 - Reduction in shares.

21-1786.
Reduction in shares.
Whenever the losses of a credit union, resulting from a depreciation in value of its loans or investments or otherwise, exceed its undivided earnings and reserves so that the estimated value of its assets is less than the total amount of share accounts and membership shares and the board of directors determines that the credit union may be subject to involuntary liquidation, the board may propose a reduction in shares. The credit union may, by a majority vote of those voting on the proposition, with the approval of the department, order a reduction in the membership shares and share accounts of each of its shareholders to divide the loss in proportion to the shareholdings held by shareholders in their respective share accounts with such terms as the department may prescribe.
Source
Laws 1996, LB 948, § 86.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1787 - Purpose and conditions of loans.

21-1787.
Purpose and conditions of loans.
Subject to the restrictions contained in the Credit Union Act, a credit union may make loans to its members for provident or productive purposes upon such terms and conditions and upon such security, real or personal, or on an unsecured basis as prescribed in its bylaws or written lending policy.
Source
Laws 1996, LB 948, § 87.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1788 - Interest rate.

21-1788.
Interest rate.
The interest rates on loans shall be determined by the board of directors, except that the rate shall not exceed eighteen percent per annum on the unpaid balance of the loan. The board may also authorize any refund of interest on such classes of loans under such conditions as it prescribes.
Source
Laws 1996, LB 948, § 88.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1789 - Other charges related to loans.

21-1789.
Other charges related to loans.
(1) In addition to interest charged on loans, a credit union may charge members all reasonable expenses in connection with the making, closing, disbursing, extending, collecting, or renewing of loans.
(2) A credit union may assess charges to members, in accordance with its bylaws, for failure to meet their obligations to the credit union in a timely manner.
Source
Laws 1996, LB 948, § 89.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1790 - Loan documentation.

21-1790.
Loan documentation.
Except as provided in section 21-1793, every application for a loan shall be made in writing upon a form prescribed by the credit union. All loan obligations shall be evidenced by a written document.
Source
Laws 1996, LB 948, § 90.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1791 - Loan limit.

21-1791.
Loan limit.
The aggregate of loans to any one member shall be limited to ten percent of a credit union's share accounts, undivided earnings, and reserves. This limit shall not apply to loans which are fully secured by assignment of share accounts in the credit union.
Source
Laws 1996, LB 948, § 91.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1792 - Installments.

21-1792.
Installments.
A member may receive a loan in installments or in one sum and may prepay the whole or any part of the loan without penalty on any day on which the credit union is open for business. On a first or second mortgage a credit union may require that any partial prepayment (1) be made on the date monthly installments are due and (2) be in the amount of that part of one or more monthly installments that would be applicable to principal.
Source
Laws 1996, LB 948, § 92.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1793 - Line of credit.

21-1793.
Line of credit.
(1) Upon application by a member, the credit union may approve a self-replenishing line of credit, either on an unsecured basis or secured by real or personal property, and loan advances may be granted to the member within the limit of such line of credit. When a line of credit has been approved, no additional credit application shall be required as long as the aggregate indebtedness of the line of credit with the credit union does not exceed the approved limit. The credit union may, at its option, require reapplication for a line of credit either periodically or as circumstances warrant.
(2) A line of credit shall be subject to a periodic review by the credit union in accordance with the written policies of the board of directors.
Source
Laws 1996, LB 948, § 93.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1794 - Participation loans.

21-1794.
Participation loans.
A credit union may participate in loans to credit union members jointly with other credit unions, credit union organizations, or other organizations pursuant to written policies established by the board of directors. A credit union which originates such a loan shall retain an interest of at least ten percent of the face amount of the loan.
Source
Laws 1996, LB 948, § 94.
2023 Nebraska Revised Statutes › Chapter 21 - Corporations and Other Companies › 21-1795 - Other loan programs.

21-1795.
Other loan programs.
(1) A credit union may participate in any guaranteed loan program of the federal or state government under the terms and conditions specified in the law under which such a program is provided.
(2) A credit union may purchase the conditional sales contracts, notes, and similar instruments of its members.
Source
Laws 1996, LB 948, § 95.