Title 5 — Title 5
0 chapters · 627 sections in this title.
Ala. Code § 5-16-40 Sales of Accounts
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Repealed by Act 2015-70 effective April 21, 2015. History: (Acts 1939, No. 459, p. 616; Code 1940, T. 5, §252.)
Ala. Code § 5-16-41 Acknowledgment, Etc., of Instruments by Public Officers Employed by
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Associations, Etc. Repealed by Act 2015-70 effective April 21, 2015. History: (Acts 1939, No. 459, p. 616; Code 1940, T. 5, §253.)
Ala. Code § 5-16-42 Operating or Management Contracts
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Repealed by Act 2015-70 effective April 21, 2015. History: (Acts 1939, No. 459, p. 616; Code 1940, T. 5, §254.)
Ala. Code § 5-16-43 Accounts of Minors, Married Women, Joint Owners and Fiduciaries;
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Investments in Accounts of Associations. Repealed by Act 2015-70 effective April 21, 2015. History: (Acts 1939, No. 459, p. 616; Code 1940, T. 5, §255; Acts 1967, No. 289, p. 817.)
Ala. Code § 5-16-44 Deposit in Names of Two Persons, Payable to Either or Survivor - How
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Payable; When Construed as Belonging to Survivor. Repealed by Act 2015-70 effective April 21, 2015. History: (Acts 1967, No. 211, p. 575, §1.)
Ala. Code § 5-16-45 Deposit in Names of Two Persons, Payable to Either or Survivor - Title
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to Deposit Upon Death of Either. Repealed by Act 2015-70 effective April 21, 2015. History: (Acts 1967, No. 211, p. 575, §3.)
Ala. Code § 5-16-46 Disposition of Account of Deceased Person
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Repealed by Act 2015-70 effective April 21, 2015. History: (Acts 1959, No. 589, p. 1477.)
Ala. Code § 5-16-47 Disposition of Deposit in Trust for Another Upon Death of Trustee
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Repealed by Act 2015-70 effective April 21, 2015. History: (Acts 1967, No. 211, p. 575, §2.)
Ala. Code § 5-16-48 Engaging in Mortgage Brokerage Business; Purchase of Loans;
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Origination, Purchase and Sale of Mortgages. Repealed by Act 2015-70 effective April 21, 2015. History: (Acts 1939, No. 459, p. 616; Code 1940, T. 5, §256.)
Ala. Code § 5-16-49 Forms
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Repealed by Act 2015-70 effective April 21, 2015. History: (Acts 1939, No. 459, p. 616; Code 1940, T. 5, §257.)
Ala. Code § 5-16-5 Procedure for Incorporation - Approval of Petition for Certificate of
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Incorporation; Certificate of Approval. Repealed by Act 2015-70 effective April 21, 2015. History: (Acts 1939, No. 459, p. 616; Code 1940, T. 5, §245.)
Ala. Code § 5-16-50 Deposits with State Treasurer, Etc., of Securities Issued by
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Associations. Repealed by Act 2015-70 effective April 21, 2015. History: (Acts 1943, No. 444, p. 407.)
Ala. Code § 5-16-51 Associations Empowered to Enter into Contracts, Etc., for Insurance of
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Accounts, Etc. Repealed by Act 2015-70 effective April 21, 2015. History: (Acts 1945, No. 120, p. 113, §1.)
Ala. Code § 5-16-52 State Associations May Make Contracts, Loans or Investments
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Available to Federal Savings and Loan Associations. Repealed by Act 2015-70 effective April 21, 2015. History: (Acts 1945, No. 120, p. 113, §2.)
Ala. Code § 5-16-53 Termination of Status as Insured Corporation
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Repealed by Act 2015-70 effective April 21, 2015. History: (Acts 1945, No. 119, p. 112.)
Ala. Code § 5-16-6 Procedure for Incorporation - Issuance of Certificate of Incorporation
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Repealed by Act 2015-70 effective April 21, 2015. History: (Acts 1939, No. 459, p. 616; Code 1940, T. 5, §213.)
Ala. Code § 5-16-7 Bylaws
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Repealed by Act 2015-70 effective April 21, 2015. History: (Acts 1939, No. 459, p. 616; Code 1940, T. 5, §214.)
Ala. Code § 5-16-8 Organizational Meeting
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Repealed by Act 2015-70 effective April 21, 2015. History: (Acts 1939, No. 459, p. 616; Code 1940, T. 5, §215.)
Ala. Code § 5-16-9 Corporate Name and Offices - Generally
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Repealed by Act 2015-70 effective April 21, 2015. History: (Acts 1939, No. 459, p. 616; Code 1940, T. 5, §216.)
Ala. Code § 5-17-1 “Credit Union” Defined
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A credit union is a cooperative society, incorporated for the twofold purpose of promoting thrift among its members and creating a source of credit for them at legitimate rates of interest, particularly among groups of industrial workers and farmers, fraternal and religious organ…
Ala. Code § 5-17-10 Election of Board of Directors, Credit Committee, and Supervisory
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Committee. At the annual meeting (the organization meeting shall be the first annual meeting), members of the credit union shall elect a board of directors of not less than five members, may elect a credit committee of not less than three members, and shall elect a supervisory co…
Ala. Code § 5-17-11 Election of Officers; Duties of Officers and Directors; Compensation;
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Liability. (a) At the first meeting and at subsequent times prescribed in the bylaws, the directors shall elect a president. The president must be either a member of the board of directors or an employee of the credit union who is not a member of the board of directors. If the cr…
Ala. Code § 5-17-12 Powers and Duties of Credit Committee
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The credit committee shall have the general supervision of all loans to members. Applications for loans shall be on a form prepared by the credit committee and all applications shall set forth the purpose for which the loan is desired, the security, if any offered, and such other…
Ala. Code § 5-17-13 Powers and Duties of Supervisory Committee
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(a) The supervisory committee shall make or cause to be made a comprehensive annual audit of the books and affairs of the credit union and shall submit a report of that audit to the board of directors and summary of that report to the members at the next annual meeting of the cre…
Ala. Code § 5-17-14 Capital; Lien on Shares and Deposits of Members; Entrance Fee
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The capital of a credit union shall consist of the payments that have been made to it by the several members thereof on shares. The credit union shall have a lien on the shares and deposits of a member for any sum due to the credit union from said member or for any loan endorsed …
Ala. Code § 5-17-15 Deposits for Minor or Trust Beneficiaries; Deposits in Names of Two
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Persons. (a) A minor, in his or her own name, may make a general or special deposit in any credit union. The deposit shall be paid only to the minor, or upon his or her order, and not to the parents or guardians of the minor, and the payment shall be valid as against the minor ch…
Ala. Code § 5-17-16 Disposition of Shares or Deposit Account of Deceased Person
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Whenever a person shall die leaving a share or deposit account in a credit union not exceeding ten thousand dollars ($10,000), the credit union having the share or deposit account may discharge itself from liability thereafter by paying the funds in the share or deposit account t…
Ala. Code § 5-17-17 Loans to Members, Directors, Officers, Etc
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Loans are made subject to the conditions contained in the bylaws. A borrower may repay his loan in whole or in part any day the office of the credit union is open for business. Provided that loans to directors, officers or members of a committee are not prohibited in the bylaws, …
Ala. Code § 5-17-18 Interest Rates and Finance Charges on Loans; Late Charge
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State chartered credit unions may charge such rates of interest and other finance charges as are authorized for other financial institutions pursuant to the Alabama Consumer Credit Act or other applicable law and may charge a late charge in an amount authorized by the Alabama Con…
Ala. Code § 5-17-19 Insurance and Reserves
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(a) Every credit union shall set aside such regular reserves as are required to be set aside by the credit union in order to maintain insurance of member accounts under the provisions of Title II of the Federal Credit Union Act. Additionally, any credit union may be required by t…
Ala. Code § 5-17-2 Procedure for Organization and Incorporation
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(a) For the purposes of this chapter, both a natural person credit union and a corporate credit union are considered a credit union unless otherwise indicated. (b) The following may apply to the Administrator of the Alabama Credit Union Administration for permission to organize a…
Ala. Code § 5-17-20 Dividends
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The directors may declare a dividend from net earnings as the bylaws may provide. History: (Acts 1927, No. 597, p. 696; Code 1940, T. 28, §298; Acts 1971, No. 2294, p. 3698; Acts 1978, No. 469, p. 492, §11.)
Ala. Code § 5-17-21 Voluntary Dissolution
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(a) Unless otherwise provided in the bylaws of the credit union, the membership of the credit union may elect to dissolve the credit union upon an affirmative vote of two thirds of the members of the credit union who participate in the vote. (b) The vote to voluntarily dissolve a…
Ala. Code § 5-17-22 Merger and Conversion Procedures
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Any credit union, with the approval of the Administrator of the Alabama Credit Union Administration, may merge with another credit union, under the existing certificate of organization of the other credit union, pursuant to any plan agreed upon by the majority of each board of di…
Ala. Code § 5-17-23 Change of Place of Business
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A credit union may change its place of business on written notice to the Administrator of the Alabama Credit Union Administration. History: (Acts 1927, No. 597, p. 696; Code 1940, T. 28, §301; Acts 1975, No. 561, p. 1267, §11; Acts 1985, No. 85-457, p. 425, §16.)
Ala. Code § 5-17-24 Taxation
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A credit union shall be deemed an institution for savings and, together with all the accumulations therein, shall not be subject to taxation except as to real estate owned, as to the franchise tax required of other corporations and as to the excise tax required of financial insti…
Ala. Code § 5-17-25 Alabama Credit Union League - Advance Payment of Dues by Member
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Credit Unions. Repealed by Act 2014-317, §2, effective May 1, 2014. History: (Acts 1963, No. 422, p. 929, §1.)
Ala. Code § 5-17-26 Alabama Credit Union League - Issuance of Advance Dues Certificates
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to Member Credit Unions. Repealed by Act 2014-317, §2, effective May 1, 2014. History: (Acts 1963, No. 422, p. 929, §2.)
Ala. Code § 5-17-27 Alabama Credit Union League - Amortization of Credit Represented by
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Advance Dues Certificate. Repealed by Act 2014-317, §2, effective May 1, 2014. History: (Acts 1963, No. 422, p. 929, §3.)
Ala. Code § 5-17-28 Alabama Credit Union League - Redemption and Purchase of Advance
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Dues Certificate Upon Dissolution, Etc., of Member Credit Union. Repealed by Act 2014-317, §2, effective May 1, 2014. History: (Acts 1963, No. 422, p. 929, §4.)
Ala. Code § 5-17-29 Penalties - Concealment of Discounts or Loans
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Any officer, director, employee, or committee member of a credit union who intentionally conceals from the directors or a committee of such credit union any discount or loan made for and in behalf of the credit union between the regular meetings of its board of directors or credi…
Ala. Code § 5-17-3 Use of Words “Credit Union” in Name or Title
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It shall be a misdemeanor for any person, association, copartnership, or corporation, except corporations organized in accordance with the provisions of this chapter, credit unions incorporated under the laws of the United States, the trade associations of credit unions doing bus…
Ala. Code § 5-17-30 Penalties - Overdraws; Receipt of Commission, Emolument, Etc., for
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Procuring Loans. Any officer, director, committee member, or employee of a credit union who willfully and knowingly overdraws his own account with such credit union and thereby obtains money or funds of any such credit union except as specifically permitted by the written loan po…
Ala. Code § 5-17-31 Penalties - Receipt of Property Other Than in Payment for Just
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Demand. Any director, officer, committee member, or employee of a credit union who knowingly receives or possesses himself of any of its property otherwise than in payment for a just demand and with intent to defraud shall be guilty of a Class C felony. History: (Acts 1989, No. 8…
Ala. Code § 5-17-32 Penalties - False or Omitted Entries
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Any director, officer, committee member or employee of a credit union who with intent to defraud makes or concurs in making any false entry, or with intent to defraud omits or concurs in omitting to make any material entry on its books and accounts, shall be guilty of a Class C f…
Ala. Code § 5-17-4 Powers Generally
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(a) A credit union shall have all of the following powers: (1) To receive the savings of its members either as payment on shares or as deposits, including the right to conduct Christmas clubs, vacation clubs, and other thrift organizations within the membership. (2) To accept dep…
Ala. Code § 5-17-40 Alabama Credit Union Administration Created; Functions; Transfer of
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Authority Previously Vested in State Banking Department. THIS SECTION WAS AMENDED BY ACT 2018-470 IN THE 2018 REGULAR SESSION, EFFECTIVE JUNE 1, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. (a) There shall be an Alabama Credit Union Administration which shall administer the …
Ala. Code § 5-17-41 Administrator - Appointment; Vacancy; Eligibility
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(a) The Alabama Credit Union Administration shall be in the charge of the administrator who shall be the chief executive officer of the administration. (b) The administrator shall be a person of good character. (c) The administrator shall be appointed by the Governor by and with …
Ala. Code § 5-17-42 Administrator - Oath; Bond
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The administrator, before entering upon the discharge of his or her duties, shall take and subscribe to the oath prescribed by the constitution and laws of this state, and shall cause the Division of Risk Management of the Department of Finance or its successor agency to cover th…
Ala. Code § 5-17-43 Official Seal; Use of Sealed Papers as Evidence; Recording
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The Secretary of State shall provide the administrator with an official seal. Every paper executed by him as such administrator, in pursuance of any authority conferred on him by law and sealed with his official seal, shall be received in evidence and may be recorded in the prope…