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Can you summarize HIRS Chapter 412, Article 10?
Code of Financial Institutions > CREDIT UNIONS
Short Summary
These legal documents govern the establishment, operation, and governance of credit unions in the State of Hawaii. They provide definitions for key terms used in the context of credit unions and outline the requirements for filing an application to establish a credit union. The documents specify the composition and responsibilities of the board of directors, credit committee, and supervisory committee within credit unions. They also outline the membership requirements and procedures, including the voting process at credit union meetings. The documents emphasize the importance of conducting annual audits and verifications of members’ accounts by the supervisory committee. Additionally, the documents address the appointment and responsibilities of loan officers and credit managers, as well as the process for suspension or removal of officials within credit unions. The documents also cover the establishment and functioning of central credit unions, as well as the tax exemption and fiscal year requirements for credit unions. Overall, these documents provide a comprehensive framework for the establishment, operation, and governance of credit unions in Hawaii.
Whom does it apply to?
Credit unions operating in the State of Hawaii
What does it govern?
Establishment, operation, and governance of credit unions in the State of Hawaii
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Hawaii