California Financial Code 14101 – The articles of incorporation of every credit union shall set forth …
The articles of incorporation of every credit union shall set forth the following:
(a) The name of the corporation, which shall include the phrase “credit union.”
Terms Used In California Financial Code 14101
- 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.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Service of process: The service of writs or summonses to the appropriate party.
(b) (1) The following statement:
The purpose of the corporation is to engage in credit union business and any other lawful activities which are not prohibited to a credit union by applicable laws or regulations.
(2) By December 31, 2003, each credit union that immediately prior to the enactment of this section was authorized to operate as a credit union shall amend its articles to comply with the provisions of paragraph (1). Notwithstanding § 7813.5 of the Corporations Code, the amendment of the articles of a credit union as required by paragraph (1) may be adopted by approval of the board alone.
(c) The name and street address in this state of the corporation’s initial agent for service of process in accordance with subdivision (b) of § 8210 of the Corporations Code.
(d) The names and addresses of five or more persons appointed to act as initial directors.
(e) The street address of the corporation.
(f) The mailing address of the corporation, if different from the street address.
(Amended by Stats. 2012, Ch. 494, Sec. 53. (SB 1532) Effective January 1, 2013.)