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Can you summarize 17 PACS Chapter 5?
CREDIT UNIONS > CORPORATE POWERS, DUTIES AND SAFEGUARDS
Short Summary
These legal documents provide a comprehensive overview of the powers, duties, and safeguards governing credit unions in Pennsylvania. They cover various aspects such as the general and special powers of credit unions, regulation by the department, capital and shares, joint accounts, shares in the name of minors or in trust, assets of deceased members, fees and charges, interest rates on loans, borrowing, loans made by credit unions, reserves, dividends, withdrawal of shares, recognition of adverse claims, and taxation. The documents ensure the safe and sound operation of credit unions, protect the interests of their members, and provide guidelines for compliance and enforcement. No specific exemptions are mentioned, and penalties for non-compliance or violations include civil penalties, personnel suspension or removal, prohibition from working in credit unions, and the possibility of credit union liquidation by the department.
Whom does it apply to?
Credit unions in Pennsylvania, their members, officers, employees, and individuals or entities involved in transactions with credit unions
What does it govern?
The general and special powers of credit unions in Pennsylvania, the regulation of credit unions by the department, the capital and shares of credit unions, joint accounts in credit unions, shares in the name of minors or in trust, assets of deceased members, fees and charges imposed by credit unions, interest rates on loans made by credit unions, borrowing by credit unions, loans made by credit unions, establishment and maintenance of reserves by credit unions, declaration and payment of dividends by credit unions, withdrawal of shares by expelled or withdrawing members, recognition of adverse claims against shares held by members, taxation of credit unions
What are exemptions?
No specific exemptions are mentioned in these documents
What are the Penalties?
Penalties for non-compliance with reporting requirements and violations or unsafe practices include civil penalties, suspension or removal of personnel, and prohibition from working in credit unions. The department may also take possession of a credit union and liquidate its affairs in certain circumstances.
Jurisdiction
Pennsylvania