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Can you summarize 23 ARCO Chapter 35?
Financial Institutions And Securities > Credit Unions
Short Summary
The provided legal document content consists of multiple documents related to credit unions in the state of Arkansas. These documents establish the framework and regulations for credit unions, covering various aspects such as organization and operation, membership requirements, shares, powers and responsibilities of credit union entities, merger, conversion, and dissolution of credit unions, and prohibited practices. The documents provide information on the effective dates of acts related to credit unions, including emergency clauses for immediate effect. They outline the process for obtaining a charter for a credit union, including the requirements for articles of incorporation and bylaws. The documents also specify the membership requirements for credit unions, including common bond requirements and eligibility criteria for various groups and associations. They govern the concept of shares in credit unions, including the par value, transferability, and lien on shares. The documents outline the duties and responsibilities of the board of directors, credit committee, and supervisory committee within a credit union. They also cover the process for merger, conversion, and dissolution of credit unions, including the approval requirements and transfer of assets and liabilities. Additionally, the documents address prohibited practices related to credit unions, including the use of the term ‘credit union’ by entities not subject to the provisions of the documents. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
The documents apply to credit unions in the state of Arkansas, including their members, board of directors, officers, and supervisory committee. It also applies to individuals or entities involved in transactions with credit unions.
What does it govern?
The provided legal document content covers various aspects related to credit unions in the state of Arkansas. It includes information on the effective dates of acts related to credit unions, the organization and operation of credit unions, membership requirements, shares in credit unions, powers and responsibilities of credit union entities, merger, conversion, and dissolution of credit unions, and prohibited practices related to credit unions.
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Arkansas