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Can you summarize 3 AKAC 03?
Banking Securities Small Loans and Corporations > Credit Unions
Short Summary
The provided legal document content covers a wide range of topics related to credit unions in Alaska. It includes definitions of terms, such as bankruptcy clause, commissioner, corporate credit union, department, FCUA, NCUA, shares, share account, share certificate, share certificate account, share draft account, and FHLB. The documents also outline procedures for communications between credit union members, reporting requirements for embezzlement or mysterious disappearance of assets, and requirements for credit union mergers, conversions, and division of assets. Additionally, the documents cover the organization and corporate functions of credit unions, including field of membership, certificate of authority, branch office operations, accounting records, loan policies, share accounts, and credit union practices. The NCUA records preservation program is also addressed. The documents provide comprehensive guidelines and regulations to ensure compliance and proper functioning of credit unions in Alaska. No specific exemptions or penalties are mentioned in the documents.
Whom does it apply to?
Credit unions, their officers, members, board of directors, applicants for credit union business, and entities involved in credit union transactions
What does it govern?
Various aspects of credit union operations, reporting requirements, mergers, conversions, division of assets, credit union practices, branch office operations, accounting records, and NCUA records preservation program
What are exemptions?
No specific exemptions are mentioned in the documents.
What are the Penalties?
No specific penalties are mentioned in the documents.
Jurisdiction
Alaska