Ask Reggi Your Question Now
Can you summarize MNST Chapter 52?
BANKING > CREDIT UNIONS
Short Summary
This legal document, specifically Chapter 2002 c 339 s 1 of the Minnesota Statutes, governs credit unions in the state of Minnesota. It provides definitions for various terms used in the chapter and outlines the process of organizing credit unions, amending bylaws and certificate of organization, using the term ‘credit union’ in the name or title, and the powers and duties of credit unions. The document also covers membership requirements, supervision, reports, audits, fees, suspension of credit union operations, receivership, fiscal year, meetings, voting procedures, directors’ duties, lending activities, borrowing limitations, reserve fund requirements, declaration and payment of dividends, expulsion or withdrawal of members, unclaimed funds, voluntary dissolution, conversion of federal credit unions to state credit unions, and merger or consolidation of credit unions. The document does not mention specific penalties, but it is important for credit unions operating in Minnesota to comply with the provisions outlined in this chapter.
Whom does it apply to?
Credit unions operating in Minnesota
What does it govern?
Credit unions in the state of Minnesota
What are exemptions?
Exemptions for credit unions chartered in another state that meet specific criteria
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Minnesota