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  • PART I ADMINISTRATION OF THE GOVERNMENT
  • TITLE XXII CORPORATIONS
  • CHAPTER 171 CREDIT UNIONS
  • Section 8 Location changes; branches and depots; consolidations or mergers

[Text of section effective until October 1, 2015. For text effective October 1, 2015, see below.]

Section 8. With the written consent of the commissioner, the location of the main office of a credit union may be changed.

After notice and hearing as the commissioner may require and with his written permission and under conditions he approves, a credit union may establish and maintain 1 or more branch offices or depots in the county wherein the main office is located or on a site within 50 miles from the premises of the main office in a city or town in another county. The usual business transacted by a credit union at its main office may be transacted at a branch office. The business at a depot shall be transacted only on days designated by the board of directors and shall be limited to the receipt of deposits and the collection of moneys due or payable to the credit union, and the business shall be subject to other conditions prescribed by the commissioner.

With the written consent of the commissioner a branch office or depot may be closed, or its location may be changed.

The offices of a credit union consolidating or merging under section 78 may be maintained as branch offices of the credit union, with the written permission of and under conditions approved by the commissioner.


Chapter 171: Section 8. Location changes; branches and depots; consolidations or mergers; mobile branch banking

[Text of section as amended by 2014, 466, Sec. 1 effective October 1, 2015. See 2014, 466, Sec. 3. For text effective until October 1, 2015, see above.]

Section 8. The location of the main office of a credit union may be changed with the written consent of the commissioner.

After such notice and hearing as the commissioner may require and with the commissioner's written permission and under such conditions as the commissioner may approve, a credit union may establish and maintain 1 or more branch offices or depots in the county wherein the main office is located, or on a site within 100 miles from the premises of the main office in a city or town in another county including on a site in the states of Connecticut, Maine, New Hampshire, New York, Rhode Island or Vermont, if in the opinion of the commissioner, the public would benefit by the establishment of additional credit union facilities. The establishment and maintenance of branch offices or depots in any 1 of the foregoing states shall also be established and maintained in accordance with the laws of that state. Any of the usual business transacted by a credit union at its main office may be transacted at a branch office. The business at a depot shall be transacted only on such days as may be designated by the board of directors and shall be limited to the receipt of deposits and the collection of moneys due or payable to the credit union and the business shall be subject to such other conditions, if any, as may be prescribed by the commissioner. Credit unions shall not submit more than 1 out-of-state branch application for the commissioner's review in any 12?month period.

With the written consent of the commissioner a branch office or depot may be closed or its location may be changed.

The offices of any credit union consolidating or merging pursuant to section 78 may be maintained as branch offices of the credit union with the written permission of and under such conditions, if any, as may be approved by the commissioner.

Mobile branch banking may be authorized by the commissioner under conditions the commissioner may approve and subject to regulations the commissioner may establish.