Section 17:13-73.2

Section 17:13-73.2 - Powers

NJ Rev Stat § 17:13-73.2 (2019) (N/A)

Copy with citation

Copy as parenthetical citation

17:13-73.2. Powers

The corporate central credit union shall have the power to:

a. Accept shares or deposits from its members, other state, regional or national corporate credit unions, and credit union organizations or associations;

b. Make loans to credit unions, to other state, regional or national corporate credit unions, organizations or associations of credit unions, and to other members;

c. Establish lines of credit for members and participate with other credit unions in making loans to its members under the terms and conditions determined by the board of directors of the corporate central credit union;

d. Invest in the shares of, or make deposits in, credit unions;

e. Buy and sell any form of marketable debt obligations of domestic or foreign corporations or of federal, state or local governments or other instrumentalities;

f. Borrow from any source, without limitation, accept demand deposits from any source, and issue notes or debentures;

g. Acquire or sell the assets and assume the liabilities of a member;

h. Enter into agreements with credit unions to discount or purchase loans made pursuant to government guaranteed loan programs, real estate loans made by members, or any obligations of the United States or any agency thereof held by members; and

i. Exercise any powers or privileges conferred upon a federal corporate credit union, subject to the approval of the commissioner.

L.1984, c. 171, s. 51, eff. Oct. 31, 1984.

Previous Section

Section 17:13-73.1 - Purposes of corporate central credit union; application of Credit Union Act of 1984

Next Section

Section 17:13-73.3 - Agreements; purposes