(1) A credit union may not receive payments on shares, deposits, or certificates, or make any loans or other transactions, until its bylaws have been approved in writing by the commissioner.
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Terms Used In Utah Code 7-9-11

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Association: means a group of persons that:
              (1)(a)(i) constitute the members of a formal association organized for:
                   (1)(a)(i)(A) an identifiable interest;
                   (1)(a)(i)(B) an identifiable purpose;
                   (1)(a)(i)(C) a specific profession; or
                   (1)(a)(i)(D) a specific occupation; or
              (1)(a)(ii) are employed by a common employer. See Utah Code 7-9-3
  • Commissioner: means the Commissioner of Financial Institutions. See Utah Code 7-1-103
  • Credit union: means a cooperative, nonprofit association incorporated under:
         (6)(b) Utah Code 7-1-103
  • Deposits: means that portion of the capital paid into the credit union by members on which a specified rate of interest will be paid. See Utah Code 7-9-3
  • Field of membership: means persons designated as eligible for credit union membership in accordance with:
         (6)(a) Section 7-9-51 or 7-9-53; and
         (6)(b) the bylaws of the credit union. See Utah Code 7-9-3
  • Shares: means that portion of the capital paid into the credit union by members on which dividends may be paid. See Utah Code 7-9-3
  • Writing: includes :
         (48)(a) printing;
         (48)(b) handwriting; and
         (48)(c) information stored in an electronic or other medium if the information is retrievable in a perceivable format. See Utah Code 68-3-12.5
(2) An amendment to a credit union’s bylaws does not become operative until the amendment to the bylaws is approved by the commissioner.
(3)

     (3)(a) If the amendment to the bylaws of a credit union expands the field of membership of a credit union as described in Subsection 7-9-52(1), the commissioner’s approval of the amendment is subject to Section 7-9-52.
     (3)(b) If the bylaws or an amendment to the bylaws of a credit union adds an association to the field of membership of the credit union, the commissioner may require that the credit union provide written confirmation from the association that the association has agreed to be served by the credit union.
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