Section 5-17-27 Alabama Credit Union League - Amortization of credit represented by advance dues certificate. - Alabama Statutes

Section 5-17-27

Alabama Credit Union League - Amortization of credit represented by advance dues certificate.

Each state chartered member credit union holding advance dues certificates as provided for in Section 5-17-26 is authorized to amortize the credit represented by the advance dues certificate over a period up to and including 15 years by taking a one-fifteenth credit, or the appropriate fractional credit depending on the years over which the credit is amortized, on its annual dues payment to the Alabama Credit Union League. The Board of Directors of the Alabama Credit Union League may accelerate the credit given to a member credit union as provided in this section and may require the credit to be amortized over a briefer period than provided for in the original issue of advance dues certificates.

(Acts 1963, No. 422, p. 929, §3.)