Sec. 06.45.020. Formation of credit union.

301 words·~1 min read·/ak/title-6/chapter-45/06-45-020

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Seven or more natural persons who desire to form a credit union shall subscribe before an officer competent to administer oaths, articles of incorporation in duplicate that must state

(1)the name of the credit union;

(2)the location of the credit union and the territory in which it will operate;

(3)the names and addresses of the subscribers to the certificate and the number of shares each subscribed;

(4)the par value of the shares, which must be a minimum of $5 each;

(5)the proposed field of membership specified in detail;

(6)the term of the existence of the credit union, which may be perpetual; and

(7)the fact that the articles of incorporation are adopted to enable the persons to avail themselves of the advantages of this chapter.

(b)The articles of incorporation must also include provisions required by the commissioner for the management of the business of the credit union, for the conduct of its affairs, and relating to the powers of its directors, officers, or stockholders.

(c)At the time of presenting the articles of incorporation to the commissioner the incorporators shall also submit proposed bylaws to the commissioner for approval. Except to the extent the articles of incorporation provide the structure and designate the offices, the bylaws shall provide the organizational structure of the credit union and specifically designate those offices that will be held by the executive or managing officers of the credit union. Copies of the original bylaws of the credit union and any amendments of the bylaws shall be filed with the commissioner.

(d)The commissioner may prepare form articles of incorporation and form bylaws, consistent with this chapter, which may be used by credit union incorporators and shall be supplied to them on request.