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Financial Code - FIN - FIN § 14768

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 14768

Any officer, director, employee, or agent of any credit union who abstracts or willfully misapplies any of the money, funds, or property of the credit union, or willfully misapplies its credit, is guilty of a felony. Upon conviction, the court shall, in addition to any other puni

Financial Code - FIN - FIN § 1480

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 1480

For the purpose of this article: (a) “Obligations” means the total sums for the payment of which a person is obligated, primarily or secondarily, to a commercial bank. (b) Obligations of a person include obligations of others to a commercial bank arising out of loans made by the

Financial Code - FIN - FIN § 14800

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 14800

(a) Every credit union may admit to membership those persons qualified for membership upon the occurrence of any of the following: (1) Upon the purchase of a membership in the credit union as provided in the credit union’s bylaws. (2) Upon the payment of an entrance fee establish

Financial Code - FIN - FIN § 14800.1

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 14800.1

(a) Notwithstanding subdivision (b) of Section 14800 or Section 14750, a credit union may do all of the following: (1) Provide the services specified in paragraph (2) to a natural person within the field of membership, regardless of whether the person is admitted to membership, a

Financial Code - FIN - FIN § 14801

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 14801

Every credit union may expel members as provided in Section 14456 of this division and Section 7341 of the Corporations Code.

Financial Code - FIN - FIN § 14802

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 14802

Each member shall keep the credit union informed of his current address. In the event a member fails to do this, a charge may be made to the member’s share account for the actual cost of necessary locator service incurred in determining such an address; provided, however, that su

Financial Code - FIN - FIN § 14803

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 14803

(a) No credit union shall pay any commission or compensation to any person for securing a new member or for getting an existing member to make an additional deposit. (b) Notwithstanding subdivision (a), a credit union may, pursuant to an incentive policy approved by the board of

Financial Code - FIN - FIN § 14804

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 14804

(a) (1) The members of a credit union shall hold an annual meeting for the election of all of the following: (A) Directors. (B) A supervisory committee, unless the board of directors has appointed an audit committee pursuant to Section 14556. (C) A credit committee, if provided f

Financial Code - FIN - FIN § 14805

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 14805

(a) Special meetings of members may be held upon order of the board of directors. Special meetings of members shall be held upon the written request of 10 members or 3 percent of the membership, whichever is greater. Notice of special meetings shall be given to all members specif

Financial Code - FIN - FIN § 14806

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 14806

In credit unions formed on or after September 15, 1945, no member shall have more than one vote irrespective of the number of shares held by the member.

Financial Code - FIN - FIN § 14807

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 14807

(a) A member may withdraw from membership in the credit union at any time. A withdrawing member may be required to give 60 days’ notice of intention to withdraw shares and 30 days’ notice of intention to withdraw certificates for funds, except when a different period of notice is

Financial Code - FIN - FIN § 14808

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 14808

All amounts paid on shares or on certificates for funds of an expelled or withdrawn member, with any dividends or interest credited thereto to the date of withdrawal or expulsion, shall be paid to such members as funds become available, and after deducting all amounts due from th

Financial Code - FIN - FIN § 14809

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 14809

Members who leave the field of membership may be permitted to retain their membership in the credit union unless otherwise provided in the credit union’s bylaws.

Financial Code - FIN - FIN § 1481

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 1481

The obligations, as defined in Section 1480, excepting the obligations described in Section 1485 and the obligations described in Section 1483, of any one person owing to a commercial bank at any one time shall not exceed the following limitations: (a) Obligations which are unsec

Financial Code - FIN - FIN § 14811

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 14811

(a) A member who has no outstanding obligations with the credit union and whose share account is below the amount established by the bylaws may be transferred to inactive member status. (b) An inactive member has no voting rights, has no right to notice of meetings of members, sh

Financial Code - FIN - FIN § 14812

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 14812

Unless otherwise provided in the bylaws, a quorum for a meeting of members shall be 10 percent of the members or 50 members, whichever is less.

Financial Code - FIN - FIN § 1482

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 1482

An obligation shall not be deemed secured by personal property or collateral unless the personal property or collateral held as security is of a kind which has not been declared ineligible by the commissioner and unless it has a market value at least 15 percent greater than the a

Financial Code - FIN - FIN § 14820

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 14820

(a) Any member of a credit union may authorize another person or persons to act by proxy with respect to such membership, subject to subdivision (e). Any proxy purported to be executed in accordance with Section 14821 shall be presumptively valid. (b) No proxy shall be valid afte

Financial Code - FIN - FIN § 14821

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 14821

(a) Except for solicited proxies which on their face provide for a period of validity of three years from the date of execution of the proxy, any form of proxy or written ballot distributed to 10 or more members of a credit union shall afford an opportunity on the proxy or form o

Financial Code - FIN - FIN § 14822

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 14822

Notwithstanding any other provision to the contrary, no member shall vote by proxy on any matter submitted by mail to all members of a credit union in a written ballot pursuant to Chapter 5 (commencing with Section 7510) of Part 3 of Division 2 of Title 1 of the Corporations Code

Financial Code - FIN - FIN § 1483

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 1483

(a) In addition to the limitations contained in Section 1481 a commercial bank may issue letters of credit and a commercial bank may accept drafts or bills of exchange drawn upon it having not more than six months’ sight to run, exclusive of days of grace, which grow out of trans

Financial Code - FIN - FIN § 1484

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 1484

With the approval of the commissioner a commercial bank may accept drafts or bills of exchange drawn upon it having not more than three months’ sight to run, exclusive of days of grace, drawn by banks or bankers in foreign countries for the purpose of furnishing dollar exchange a

Financial Code - FIN - FIN § 1485

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 1485

The limitations of Section 1481 shall not apply to the following and the following shall not be included among the obligations of a person for the purpose of applying these limitations: (a) Loans secured by obligations of the United States or by obligations unconditionally guaran

Financial Code - FIN - FIN § 14850

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 14850

The Corporate Securities Law relating to the necessity of qualification of the sale of securities does not apply to the sale and issue of membership shares, certificates for funds, and other securities, by credit unions organized under this division or lawfully doing business in

Financial Code - FIN - FIN § 14851

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 14851

(a) A credit union may issue shares as follows: (1) To a member qualified pursuant to the credit union’s bylaws. (2) To an officer, employee, or agent of nonmember units of federal, Indian tribal, state, or local governments, and political subdivisions thereof, when acting in tha