Title 6 — Banks and Financial Institutions

A. The board of directors has charge of the investment of credit union monies, except that the board may designate an investment committee or investment officer to make investments on its behalf, under written policies established by the board. B. The board of directors shall des…

A. Monies not used in loans to members may be invested in: 1. Securities, obligations or other instruments of or issued by or fully guaranteed as to principal and interest by the United States or any agency or instrumentality of the United States or in any trust or mutual fund es…

A. At the end of each accounting period, but not less frequently than quarterly, the credit union shall set aside, as a regular reserve against losses, amounts in accordance with the schedule set by the share insuring organization. The credit union shall set aside the amounts bef…

Losses on risk assets, but not operating losses, shall be promptly charged against the regular reserve when those losses occur. The credit union shall not distribute the regular reserve except on liquidation of the credit union or in accordance with a plan approved by the deputy …

In addition to the regular reserve, special reserves for losses shall be established if required by rule or if the deputy director or the board of directors finds it necessary. Special reserves may include allowances for loan losses or investment losses.

A. A credit union may elect to dissolve voluntarily and terminate its affairs in the following manner: 1. The board of directors shall adopt a resolution recommending that the credit union be dissolved voluntarily, naming a liquidating agent adequately bondable, and directing tha…

A. The deputy director may forthwith take possession and control of the business and property of any credit union to which this chapter is applicable whenever the deputy director finds on examination or investigation that such credit union has committed one or more of the followi…

If there is either a voluntary or involuntary liquidation of a credit union the assets of the credit union or the proceeds from any disposition of the assets shall be applied and distributed in the following order: 1. Taxes owed to the United States, this state or any other gover…

A. Any two or more credit unions may merge or consolidate into a single credit union. The merger or consolidation may be with a credit union organized under the laws of this state, the laws of any other state or territory of the United States or the laws of the United States. B. …

A. A credit union incorporated under the laws of this state may be converted to a credit union organized under the laws of the United States, or it may be converted to a credit union organized under the laws of another state if the principal office has relocated to another state …

A corporate credit union shall be organized in the manner provided for the organization of a credit union in section 6-506.

A. The purposes of a corporate credit union are to: 1. Accumulate and prudently manage the liquidity of its member credit unions through inter-lending and investment services. 2. Act as an intermediary for credit union monies between members and other corporate credit unions. 3. …

A. A corporate credit union shall enjoy the powers and privileges of any other credit union incorporated under this chapter and in addition may: 1. Accept share accounts or deposit accounts from its members, state or federal credit unions, other corporate credit unions and credit…

A corporate credit union may enter into agreements and subscribe to any required shares for the purpose of participation in the national credit union administration central liquidity facility or in any other state or federal central liquidity facility or central financial system …

A. A corporate credit union shall establish and maintain a corporate reserve in accordance with the reserve requirements of the national credit union administration for federal corporate credit unions. B. A corporate credit union may make charges to the corporate reserve for loss…