6-593

6-593. Powers of corporate credit union; federal
parity

A. A corporate credit union shall enjoy the powers and privileges of any other
credit union incorporated under this chapter and in addition may:

1. Accept share accounts or deposit accounts from its members, state or federal
credit unions, other corporate credit unions and credit union organizations or
associations.

2. Make loans to, deposit in or invest in its members, state or federal credit
unions and other corporate credit unions.

3. Participate with any state or federal credit union in making loans to members of
the corporate credit union or to members of any participating credit union.

4. Act as intermediary for the monies of members, credit unions and other corporate
credit unions.

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

6. Receive and hold in safekeeping the securities and other assets of its members
and, in that connection, make such disposition of the assets as may be agreed to or
directed by the member.

7. Provide payment systems and correspondent services to its members, nonmember
state or federal credit unions, other corporate credit unions and credit union
organizations or associations.

B. In addition to all other rights, powers and privileges granted a credit union by
section 6-516, a corporate credit union organized under the laws of this state has all of
the rights, powers and privileges and is entitled to the same exemptions and immunities
as any corporate credit union chartered under the laws of the United States.

C. Except for the provisions of section 6-581, and except as specifically permitted
in this article, all provisions of this chapter relating to credit unions shall apply to
corporate credit unions.