Section 5-2A-102

Supervision, inspection and examinations of credit unions.

Every credit union carrying on a credit union business in the state other than federal credit unions shall be subject to the supervision and inspection of the Bureau of Credit Unions and the supervisor thereof. The Supervisor of the Bureau of Credit Unions shall, either personally or by competent examiner serving under him, visit and examine every credit union doing a credit union business in and under the laws of the State of Alabama at least once in each year. On every such examination, inquiry shall be made as to the conditions and resources of the credit union, the mode of conducting and managing the affairs of the credit union, the action of its directors, officers and manager, the investment of the funds of the credit union, the safety and prudence of the management of the credit union, whether the requirements of its charter and of law have been complied with in the administration of the affairs of the credit union and as to such other matters as the Supervisor of the Bureau of Credit Unions may prescribe. In addition, the Supervisor of the Bureau of Credit Unions shall in like manner examine or cause to be examined into the affairs of every credit union whenever, in the judgment of the Supervisor of the Bureau of Credit Unions, the management and condition of the credit union is such as to render an examination of its affairs necessary or expedient or whenever, in the opinion of the Supervisor of the Bureau of Credit Unions, the interest of the public demands an examination.

(Acts 1971, No. 2293, p. 3694, §10; Code 1975, §5-2-102.)