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Can you summarize MORS Chapter 370?
BUSINESS AND FINANCIAL INSTITUTIONS > Credit Unions
Short Summary
The provided legal document content covers a wide range of topics related to credit unions. It includes information on the authority of credit unions to impose fees or service charges, the approval process for credit union certificates of organization, the dissolution of credit unions, limitations on loans provided by credit unions, the removal of directors, officers, or other persons from office, the powers and procedures of the director of the division of credit unions, the establishment and maintenance of reserves by credit unions, the field of membership expansion for credit unions, appeals and rules related to credit unions, the Division of Credit Unions, the computation and payment of annual fees by credit unions, requirements and rights related to trust accounts in credit unions, the issuance and ownership of jointly held shares with the right of survivorship in credit unions, the election of the board of directors, credit committee, and supervisory committee in credit unions, the investment of funds by credit unions, the duties and responsibilities of the board of directors in credit unions, the merger and consolidation of credit unions, the holding and release of shares by minors in credit unions, the surety bond requirement for individuals involved in handling credit union funds, the conversion of credit unions from state to federal or federal to state, the application for a certificate of organization as a credit union in a different state, the confidentiality of information obtained in the course of examinations and investigations conducted by the director of the division of credit unions, the issuance and ownership of membership shares in credit unions, the membership of credit unions, the expulsion and withdrawal of members from credit unions, the Credit Union Commission, the submission of a plan to a meeting of members or shareholders in credit union mergers or consolidations, the effect of merger or consolidation of credit unions, the lien on shares in credit unions, the election of officers in credit unions, and the computation and payment of dividends on shares in credit unions. These documents apply to credit unions, their directors, officers, members, shareholders, employees, and individuals or entities involved in transactions with credit unions.
Whom does it apply to?
Credit unions, directors, officers, members, shareholders, employees, individuals or entities involved in transactions with credit unions
What does it govern?
Authority of credit unions to impose fees or service charges on deposit accounts or similar accounts, approval process for credit union certificates of organization, dissolution of credit unions, limitations on loans provided by credit unions to their members, removal of directors, officers, or other persons from office or prohibition of their participation in the conduct of affairs of a credit union, powers and procedures of the director of the division of credit unions, establishment and maintenance of reserves by credit unions, field of membership expansion for credit unions, appeals and rules related to credit unions, Division of Credit Unions, computation and payment of annual fees by credit unions, requirements and rights related to trust accounts in credit unions, issuance and ownership of jointly held shares with the right of survivorship in credit unions, election of the board of directors, credit committee, and supervisory committee in credit unions, investment of funds by credit unions, duties and responsibilities of the board of directors in credit unions, merger and consolidation of credit unions, holding and release of shares by minors in credit unions, surety bond requirement for individuals involved in handling credit union funds, conversion of credit unions from state to federal or federal to state, application for a certificate of organization as a credit union in a different state, confidentiality of information obtained in the course of examinations and investigations conducted by the director of the division of credit unions, issuance and ownership of membership shares in credit unions, membership of credit unions, expulsion and withdrawal of members from credit unions, Credit Union Commission, submission of a plan to a meeting of members or shareholders in credit union mergers or consolidations, effect of merger or consolidation of credit unions, lien on shares in credit unions, election of officers in credit unions, and computation and payment of dividends on shares in credit unions
What are exemptions?
No specific exemptions or penalties are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Missouri