412:10-805 Powers. The corporate credit union shall have all the rights, powers and privileges of any other credit union chartered under this article, as well as the power to:

(1) Accept funds, either as shares or deposits, from a member and from any credit union chartered by this State, by another state or territory of the United States, or by the United States, whether or not such credit union is a member of the corporate credit union, or from a similar institution incorporated under the laws of another country;

(2) Make loans to or invest in a member or in any credit union chartered by this State, by another state or territory of the United States, or by the United States, whether or not such credit union is a member of the corporate credit union;

(3) Make loans to or place deposits in a bank, savings bank, trust company, or savings and loan association chartered by this State, by another state or territory of the United States, or by the United States;

(4) Provide payment systems and correspondent services to its members;

(5) Participate with any credit union chartered by this State, another state or territory of the United States, or the United States in making loans to its members or to members of any other participating credit union, under the terms and conditions to which the participating credit unions agree;

(6) Contract for penalties for payment of loans prior to the scheduled maturity;

(7) Sell all or a part of its assets to another depository financial institution, purchase all or part of the assets of another depository financial institution and assume the liabilities of the selling depository financial institution and those of the selling depository institution's members or depositors;

(8) Act as intermediary for the funds of members, credit unions and other corporate credit unions;

(9) Act as agent for members, other credit unions and credit union organizations in paying, receiving, transferring the assets and liabilities received and invested as permitted in this article;

(10) Receive and hold in safekeeping the securities and other assets of its members and, in connection therewith, make such disposition of such assets as may be agreed to or directed by the member; and

(11) Exercise all incidental powers that are convenient, suitable or necessary to enable it to carry out the corporate credit union's purposes. [L 1993, c 350, pt of 1]

 

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