6-516. General powers


A. In addition to the powers prescribed elsewhere in this chapter and except as
prohibited by law, a credit union may:


1. Enter into contracts of any nature.


2. Sue or be sued.


3. Adopt, use and display a corporate seal.


4. Acquire, lease, hold, assign, pledge, hypothecate, sell, discount or otherwise
dispose of property or assets, either in whole or in part, necessary or incidental to its
operations.


5. Borrow money from any source, except that a credit union shall obtain the prior
written approval of the superintendent to borrow in excess of an aggregate of fifty per
cent of its capital.


6. Purchase the assets of another credit union.


7. Offer financial services incidental to the business of a credit union, including
electronic fund transfers, safe deposit boxes and leasing and correspondent arrangements
with other financial institutions.


8. Hold membership in other credit unions organized under this chapter or other
laws, in the Arizona credit union league or in other associations and organizations
controlled by or fostering the interests of credit unions.


9. Engage in activities and programs offered by any governmental unit that are
incidental or reasonably related to credit union activities.


10. Act as fiscal agent for and receive payments on share and deposit accounts from
a governmental unit.


11. Make contributions to any nonprofit civic, charitable or service organizations.


B. A credit union may exercise all incidental powers that are convenient, suitable
or necessary to enable it to promote or carry out its purposes.


C. A credit union shall not delegate the management of a credit union or the
exercise of any power set forth in this section to any person who is not an officer,
director or employee of the credit union without the prior written approval of the
superintendent. The superintendent may examine the books, records and business affairs of
any person or entity to whom the credit union proposes to delegate any such authority.