Title 26, Banks and Other Financial Institutions.

(a) The charter may be amended by the members at any regular or special meeting if the call of the meeting includes the proposed amendment and a quorum of members and at least 2/3 of the board of directors are present at the meeting. The amendment shall be approved by at least 2/…

(a) The name of a District credit union shall include the phrase "credit union". No District credit union may adopt a name identical to the name of any other federal or foreign credit union doing business in the District, or a name similar to the name of any federal or foreign cr…

(a) A District credit union may change its principal office upon written notice to the Commissioner and the members of the District credit union. (b) A District credit union may, upon written notification to the Commissioner, maintain service facilities, including automated telle…

The fiscal year of each District credit union chartered under this subchapter shall end on December 31.

(a) Each District credit union shall apply for insurance on its shares and deposits, as provided by NCUA or comparable insurance approved by the Commissioner. Any District credit union insured by NCUA shall comply with all federal requirements that apply to credit unions insured …

(a) A District credit union may conduct business outside of the District upon approval from the Commissioner. The Commissioner shall approve a District credit union's request to conduct business outside of the District if: (1) The non-District jurisdiction permits the District cr…

(a) The Commissioner shall allow a foreign credit union to conduct business as a credit union in the District if the following conditions are met: (1) The jurisdiction in which the foreign credit union is organized authorizes it to do business in the District; (2) District credit…

(a) A District credit union may: (1) Enter into contracts or other agreements, as necessary, to provide the services authorized by this subchapter; (2) Sue and be sued; (3) Acquire, lease as lessor or lessee, hold, assign, pledge, mortgage, sell, or otherwise dispose of real or p…

A District credit union may exercise all incidental powers as permitted by law and within the purposes stated in this subchapter, which are convenient, suitable, or necessary to enable the District credit union to carry out the purposes of this subchapter.

The Commissioner may authorize District credit unions to exercise, and the Commissioner may establish conditions or limitations for the exercise of, any of the powers conferred upon federal credit unions and upon foreign credit unions operating in the District.

(a) The board of directors of a District credit union shall determine the membership of the District credit union, which shall consist of persons who have been duly admitted as members. (b) Each person otherwise eligible for membership to become or remain a member of a District c…

Any incorporated or unincorporated organization, and the organization's employees, may be admitted to membership in a District credit union in the same manner and under the same conditions as individuals.

(a) A District credit union, including a District credit union in the process of incorporating under this subchapter, may submit an application to the Commissioner to be designated as a low-income credit union. (b)(1) The Commissioner may approve an application for designation as…

(a) For the purposes of this section, the term: (1) "School" means any accredited educational institution. (2) "Student" means an individual enrolled in a school. (3) "Student service facility" means a District credit union facility that provides in-school financial services and …

Unless the District credit union's bylaws state otherwise, a person who has become a member of a District credit union in accordance with this subchapter may remain a member of that District credit union until that person chooses to withdraw from the membership of the District cr…

The members of a District credit union shall not be personally or individually liable for the payment of the District credit union's debts solely by virtue of their membership in the District credit union.

(a)(1) For the purposes of this section, the term "cause" includes a loss to the District credit union, a violation of the membership agreement or any policy or procedure adopted by the board, or inappropriate behavior such as physical or verbal abuse of a District credit union m…

A District credit union may, for cause, as defined in § 26-504.07, suspend certain services to a District credit union member under a policy adopted by the District credit union's board of directors. Members whose service is suspended may maintain a share account and continue to …

(a) The annual meeting, and any special meetings, of the members of the District credit union shall be held in accordance with the District credit union's bylaws. (b) There shall be no voting by proxy, except on the election of the board of directors, proposals for merger, or pro…

A District credit union's bylaws may prescribe the manner in which a special meeting of the members may be called by the members or the board of directors, or both.

(a) The business and affairs of a District credit union shall be managed by the board of directors of the District credit union. The duties of the board of directors of a District credit union include the following duties: (1) The board of directors shall: (A) Set the par value o…

(a)(1) A board of directors shall: (A) Consist of an odd number of directors; (B) Be at least 5 in number; and (C) Be elected by and from natural person members. (2) A District credit union's bylaws shall set forth the qualifications for nomination to the board. (b) All members o…

(a) The board of directors shall appoint an audit committee of no fewer than 3 members of the District credit union, who may, but need be, members of the board of directors. The board shall appoint the audit committee at an organizational meeting held within 30 days of each annua…

(a) A seat on a District credit union's board of directors or on one of the District credit union's committees will be considered vacant if a board or committee member: (1) Resigns from his or her position on the board or committee; (2) Is removed from the board or committee; (3)…

(a)(1) A District credit union may compensate an officer, director, or committee member for the member's services to the District credit union. (2) Life, health, accident, and similar insurance protection provided by a District credit union to an officer, director, or committee m…

(a) No director or officer of a District credit union shall be liable, and no cause of action may be brought against a director or officer of a District credit union, for damages resulting from: (1) The exercise of judgment or discretion in connection with the duties or responsib…

Directors, committee members, and officers shall disclose all existing and potential conflicts of interest to the board of directors. No director, committee member, officer, or employee of a District credit union shall, in any manner, directly or indirectly, participate in the de…

(a) The board of directors, at their organizational meeting, shall elect from their own number, a chairperson of the board, a treasurer, and a secretary. The board may also elect any other officers of the board that are specified in the bylaws. (b) The term of an officer shall be…

(a) The board of directors shall meet on a regular basis and at least quarterly. (b) Unless specifically prohibited by the bylaws, directors may participate in, and act at, any meeting of the board through the use of communications equipment through which all persons participatin…

(a) Unless the District credit union has been audited by a licensed public accountant or other qualified person or firm, the audit committee shall make, or cause to be made, a comprehensive annual audit of the books and affairs of the District credit union. The audit committee sh…

(a) The board of directors may suspend any member of the District credit union's board of directors for cause, as defined in § 26-504.07, by a 2/3 vote of a quorum of the board. The board member shall be suspended until the next members' meeting, which shall be held no fewer than…

(a) Shares and membership shares shall be subscribed to and paid for in the manner prescribed in the bylaws. (b) The par value of shares and membership shares shall be as prescribed in the bylaws. (c) Membership shares may not be pledged as security on any loan. (d) A District cr…

(a) The board of directors may, after making provisions for required reserves, declare dividends to be paid on share accounts and membership shares, if any, from the net earnings or undivided earnings, as provided in the bylaws. The board may authorize the intervals and periods f…

(a) A District credit union may accept deposit accounts from its members, other District credit unions, federal credit unions, foreign credit unions, and government units, subject to the terms, rates, and conditions established by the board of directors and applicable local and f…

(a) Funds in share and deposit accounts may be withdrawn for payment to the account holder or to third parties, in the manner and in accordance with the procedures that are established by the board of directors, subject to any regulations the Commissioner prescribes. (b) Share, m…

Payments on share and deposit accounts may be received from a minor with consent from the minor's parent or guardian. The minor may withdraw funds from these accounts, including the dividends and interest thereon. If shares are issued in the name of a minor, the redemption of any…

(a) A member may designate any person or persons to own a share account with the member, in joint tenancy with the right of survivorship, as a tenant in common, or under any other form of joint ownership permitted by law and allowed by the District credit union. (b) Payment may b…

Notwithstanding any other provision of law, a District credit union may establish share and deposit accounts payable to one or more persons during their lifetimes, and upon the death of every included account holder to one or more payable on death payees. A transfer to a payable …

(a) Share and deposit accounts may be owned by one or more members in trust for one or more beneficiaries or by one or more nonmembers in trust for one or more beneficiaries who are members. (b) Payment of part or all of a trust account to the party in whose name the account is h…

A District credit union may accept and execute trusts pursuant to the laws of the District.

(a) The District credit union shall have a lien on the membership share, shares, deposits, and accumulated dividends and interest of a member in the member's individual, joint, trust, or payable on death account for any obligation owed to the District credit union by the member o…

(a) The board of directors of a District credit union may propose a reduction in membership shares when the losses of the District credit union resulting from a depreciation in value of its loans, investments, or otherwise exceed the District credit union's undivided earnings and…

(a) A District credit union shall apply for and obtain insurance on its members' share and deposit accounts as provided by NCUA or comparable insurance approved by the Commissioner. (b) No District credit union shall be granted a charter by the Commissioner unless the District cr…

(a) Nothing contained in this subchapter shall be deemed to require a District credit union to make any payment from an account to a depositor, shareholder, trust, or payable-on-death account beneficiary, or any other person claiming an interest in any funds in an account, if the…

A District credit union may issue loans to members for the purposes and on the conditions prescribed by the board of directors. The board of directors shall establish written policies with respect to granting loans and extending lines of credit, including the terms, conditions, a…

Notwithstanding the provisions of any other law in connection with extensions of credit, a District credit union may elect to contract for and receive interest for extensions of credit subject only to the provisions of this subchapter and rules promulgated pursuant to this subcha…