Title 26 — BANKS AND BANKING

26-2140. Cease and desist order — Penalty. (1) If the director finds that any credit union has engaged in an unsafe or unsound practice in conducting the business of such credit union, or any person has violated any provision of this chapter, any rule or order issued under this c…

26-2140A. Conservatorship. (1) The director may, in his discretion and without notice, appoint himself or an agent as conservator and immediately take possession and control of the business and assets of any credit union in any case in which: (a) The director determines that such…

26-2140B. suspension or removal of directors, supervisory committee members, officers, or employees — prohibition of future employment. (1) The director may issue a written order, pursuant to chapter 52, title 67, Idaho Code, suspending or removing a credit union director, superv…

26-2141. APPOINTMENT OF RECEIVER — CONDITIONS — PROCEEDING — BOND — REPORTING SCHEDULE — SUBROGATION OF FEDERAL AGENCY TO RIGHTS OF DEPOSIT OWNERS. (1) If a credit union refuses to pay its shares, deposits, or obligations in accordance with the terms under which the shares were r…

26-2141A. receiver — duties — powers. (1) A receiver appointed pursuant to section 26-2141, Idaho Code, shall do all of the following: (a) Take possession of the books, records, and assets of the credit union and collect all debts, dues, and claims belonging to the credit union; …

26-2142. Voluntary and/or involuntary liquidation. (1) A credit union may elect to dissolve voluntarily and wind up its affairs in the following manner: The board shall adopt a resolution recommending that the credit union be dissolved voluntarily and directing that the question …

26-2143. HEAD OFFICE AND BRANCH OFFICES. (1) A credit union may relocate its head office and the location of its books and records upon written notice to the director. (2) A credit union may, under such rules as the director may adopt, establish branch offices at locations other …

26-2144. Administration, rules and regulations. The administration of the provisions of this chapter shall be under the general supervision and control of the director. The director may from time to time make, amend and rescind such rules, regulations and forms necessary to carry…

26-2145. Authority to exercise federal powers. (1) Notwithstanding any other provision of law, but subject to the limitations provided for in this section, a credit union may engage in any activity that it could engage in, exercise any power it could exercise, or make any loan or…

26-2151. custodial accounts. A credit union is authorized to act as custodian or fiduciary for members of the credit union and may receive reasonable compensation for so acting under any written trust instrument or custodial agreement in connection with a tax-advantaged savings p…

26-2152. Interstate credit unions — Approval — Permit — Fees — Supervision. (1) Provided that the membership limits as defined in section 26-2110, Idaho Code, are maintained: (a) A credit union chartered under this chapter may operate in another state unless prohibited by the law…

26-2153. Share and deposit insurance. (1) Not later than January 1, 1986, a state chartered credit union shall apply for and obtain insurance on shares and deposits as provided by the national credit union administration under title II of the federal credit union act (12 U.S.C. s…

26-2154. Credit unions eligible as depositories. Notwithstanding any other provision of this chapter, any state credit union or federal credit union located within this state may become a state depository by making application for that purpose to the state treasurer and may accep…

26-2155. Designation of depository — Reporting of reserves and undivided earnings. (1) The state treasurer shall designate state or federal credit unions qualified under this chapter as a state depository or depositories. Such designation shall be determined by competitive biddin…

26-2156. BOND COVERAGE. (1) Each credit union must be adequately insured against risk. The board of directors of each credit union must at least annually review its bond and other insurance coverage to ensure that it is adequate in relation to the potential risks facing the credi…

26-2157. AUTHORITY OF DIRECTOR TO CALL and attend SPECIAL MEETING OF THE BOARD. The director may require and attend a special meeting of the board of a credit union if an examination of the credit union results in a composite capital adequacy, asset quality, management, earnings,…

26-2170. Definition, purpose and restrictions, Idaho corporate credit union. (a) The Idaho corporate credit union is a cooperative nonprofit corporate entity which can assist credit unions in meeting their investment and borrowing needs, assist credit unions in the sound manageme…

26-2171. Organization — Idaho corporate credit union. Any seven (7) or more credit unions within the state of Idaho, with at least one (1) credit union from each of the seven (7) chapters of the Idaho credit union league, may, through designated delegates appointed by their board…

26-2172. Amendments — Idaho corporate credit union. The articles of incorporation or the bylaws may be amended as provided in the bylaws and in accordance with section 26-2106, Idaho Code.

26-2173. Corporate powers — Idaho corporate credit union. The Idaho corporate credit union shall have the general rights and powers of any other credit union organized under the Idaho Credit Union Act and shall have the following additional powers: (a) As authorized by its board …

26-2174. Membership in the Idaho corporate credit union. Membership in the Idaho corporate credit union shall be limited to and consist of the credit union subscribers to the articles of incorporation, credit unions organized under the Idaho credit union act or the federal credit…

26-2175. Expulsion and/or withdrawal from the field of membership of the Idaho corporate credit union. A member of the Idaho corporate credit union may be expelled by the board of directors, but only after an opportunity has been given to the member to be heard for the purpose of…

26-2176. Meetings and elections of the Idaho corporate credit union. Meetings and elections shall be held as indicated in the bylaws. Each member shall have one (1) vote irrespective of shareholdings. No member may vote by proxy, but may vote through a duly authorized delegate ap…

26-2177. Official family — Idaho corporate credit union. The business affairs of the corporate credit union shall be managed by a board of directors of at least seven (7) directors. One (1) director shall be elected from the designated delegates of each of the seven (7) credit un…

26-2178. Officers — Idaho corporate credit union. Within sixty (60) days following the organizational meeting and at each annual meeting, the directors shall elect from their own number a chairman, one (1) or more vice-chairmen, a treasurer and a secretary, of whom the last two (…

26-2179. Board of directors — Idaho corporate credit union. The board of directors of the corporate credit union shall have the same general powers and duties as boards of directors of credit unions organized under the Idaho credit union act and in the corporate credit union byla…

26-2180. Loans to member credit unions — Idaho corporate credit union. The Idaho corporate credit union may loan to members upon such security and for purposes only as provided in its bylaws. Loans shall be evidenced by a written instrument and within limits set by board policy. …

26-2181. Compensation — Corporate officers. The officers of the corporate credit union shall have the same rights regarding compensation as officers of other credit unions organized under the Idaho credit union act. Nothing in this section is to be interpreted to preclude the cor…

26-2182. Shares and deposits. (a) A share is defined as a term applied to each one hundred dollars ($100) standing to the share account of a member. The shares of a credit union shall all be common shares of one (1) class and shall have a par value of one hundred dollars ($100) p…

26-2183. Reserve allocations — Idaho corporate credit union. No reserve shall be required for the corporate credit union except a special reserve may be required by the director of finance when an annual examination reflects need for such reserves for potential losses from invest…

26-2184. Dividends — Idaho corporate credit union. (a) After allocations to the reserve account if required by the director, the board of directors may at the end of any dividend period duly established, declare a dividend from undivided earnings as the bylaws may provide. (b) Di…

26-2185. Applicable provisions of the Idaho credit union act. The following provisions of the Idaho credit union act shall apply to the Idaho corporate credit union: (a) Share reduction, section 26-2131, Idaho Code. (b) Reports, section 26-2133, Idaho Code. (c) Books and records,…

26-2186. Taxation — Idaho corporate credit union. The Idaho corporate credit union shall be deemed an institution for savings and, together with all the accumulations therein, shall not be subject to taxation except to real estate owned. The shares of a credit union shall not be …

26-2187. Construction against repeal. This chapter being a general chapter intended as unified coverage of its subject matter, no part of it shall be deemed to be impliedly repealed by subsequent legislation if such construction can reasonably be avoided.

26-2188. Severability. If any provision of this chapter or the application thereof to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this chapter which can be given effect without the invalid provisions or applicatio…