PART II. 
POWERS OF CREDIT UNIONS



 



§412:10-200  General powers.  (a) 
Except as expressly prohibited or limited by this chapter, a credit union shall
have the power to issue shares, solicit, accept and hold deposits, and engage
in any activities which are usual or incidental to the business of a credit
union.  In addition to the powers mentioned elsewhere in this article, a credit
union may:



(1)  Enter into contracts of any nature;



(2)  Sue and be sued;



(3)  Adopt, use and display a common seal;



(4)  Acquire, lease, hold, assign, pledge,
hypothecate, sell, or otherwise dispose of property, either in whole or in
part, necessary or incidental to its operations;



(5)  Offer to its members, public unit accounts and
other credit unions, shares, share certificates, share drafts, deposits, as
provided in this article;



(6)  Make loans and extensions of credit of any kind,
whether unsecured or secured by real or personal property of any kind or
description;



(7)  Borrow from any source within or without the
State; provided that a credit union shall notify the commissioner in writing of
its intention to borrow in excess of an aggregate of fifty per cent of its
capital;



(8)  Discount or sell any of the credit union's
assets, and purchase the assets of another credit union;



(9)  Offer related financial services, including, but
not limited to, electronic fund transfers, safe deposit boxes, leasing and
correspondent arrangements with other financial institutions;



(10)  Hold membership in other credit unions organized
under this or other laws, in service centers, and in associations and
organizations controlled by or fostering the interests of credit unions,
including a central liquidity facility organized under state or federal law;



(11)  Engage in activities and programs as requested by
any governmental unit, subject to approval by the board of directors and not
inconsistent with this article;



(12)  Act as fiscal agent for and receive payments on
share and deposit accounts from a governmental unit;



(13)  Make contributions to any nonprofit civic,
charitable or service organizations; and



(14)  Make investments as permitted under this article.



(b)  A credit union may exercise all incidental
powers that are necessary or requisite to enable it to effectively carry out
its purposes. [L 1993, c 350, pt of §1]