§412:10-200 - General powers.
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]