§54-110.1. Definition and purposes

(a)        A corporate credit union may be incorporated under this Article and shall be subject to all parts of this Chapter not inconsistent with this Article.

(b)        A corporate credit union is a cooperative nonprofit association whose members consist primarily of other credit unions and whose purposes are:

(1)        To accumulate and prudently manage the liquidity of its member  credit unions through interlending and investment services;

(2)        To act as an intermediary for credit union funds between members and other corporate credit unions;

(3)        To obtain liquid funds from other credit union organizations, financial intermediaries, and other sources;

(4)        To foster and promote in cooperation with other state, regional, and national corporate credit unions and credit union organizations or associations the economic security, growth and development of member credit unions; and

(5)        To perform such other financial services of benefit to its members which are authorized by the Administrator of Credit Unions.

(1983, c. 470.)