412:10-804 Management and operation of corporate credit union. The corporate credit union shall be organized and operated like any other credit union, except that:

(1) Persons eligible to hold office and vote shall be designated by the board of directors of each member of the corporate credit union as the voting representative in the corporate credit union. Such voting representative shall be eligible to hold office in the corporate credit union as if such person were an individual member of the corporate credit union. Each member shall have only one vote;

(2) The corporate credit union shall be exempt from the regular reserve requirements established under this article, but shall establish and maintain an equity reserve to meet losses, in accordance with rules adopted by the commissioner;

(3) The corporate credit union shall be exempt from the share and deposit requirements of this article and from the security laws of this State; and

(4) The supervisory committee of a corporate credit union shall cause an annual opinion audit to be made by an independent, duly licensed certified public accountant and shall submit the audit report to the board of directors. A summary of the audit report shall be submitted to the membership at the next annual meeting. A copy of the audit report shall be submitted to the commissioner within thirty days after receipt by the board of directors. [L 1993, c 350, pt of 1]

 

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