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Can you summarize 17 PACS Chapter 7?
CREDIT UNIONS > MEMBERS, DIRECTORS AND OFFICERS
Short Summary
These legal documents govern various aspects of credit unions, including membership requirements and regulations, notices to members, expulsion, suspension, and withdrawal of members, election of directors and committee members, compensation of directors and officers, appointment of officers, indemnification, loan procedures, annual audit requirements, and actions against officers and directors. The documents specify the eligibility criteria for credit union membership, including common bond requirements and the rights and obligations of members. They also outline the procedures for providing notices to members, including the methods of delivery and the information that must be included. The documents establish the grounds for expulsion, suspension, and withdrawal of members, as well as the process for readmission and the rights and obligations of terminated members. They also govern the election and appointment of directors and committee members, including the composition of the board and committees, the terms of office, and the filing requirements. The documents address the compensation of directors and officers, including the conditions under which compensation may be paid and the authority of the department to regulate such payments. They also outline the procedures for appointing officers and specify the positions that can be held. The documents provide guidance on indemnification, including the applicability of the Pennsylvania Consolidated Statutes and the exoneration from liability of volunteer officers. They establish the loan procedures for credit unions, including the role of the credit committee, the requirements for loan applications, and the approval process. The documents also outline the annual audit requirements, including the responsibilities of the supervisory committee and the consequences of non-compliance. Finally, they address actions brought by members against officers and directors, including the requirements for initiating and maintaining such actions and the provision for security for expenses. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Credit unions, members, directors, officers, committee members, employees, volunteers, agents
What does it govern?
Membership requirements and regulations, notices to members, expulsion, suspension, and withdrawal of members, election of directors and committee members, compensation of directors and officers, appointment of officers, indemnification, loan procedures, annual audit requirements, actions against officers and directors
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Pennsylvania