PART II. POWERS OF CREDIT UNIONS

 

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

(5)  Offer to its members, public unit accounts andother credit unions, shares, share certificates, share drafts, deposits, asprovided 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 ordescription;

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

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

(9)  Offer related financial services, including, butnot limited to, electronic fund transfers, safe deposit boxes, leasing andcorrespondent arrangements with other financial institutions;

(10)  Hold membership in other credit unions organizedunder this or other laws, in service centers, and in associations andorganizations 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 byany governmental unit, subject to approval by the board of directors and notinconsistent with this article;

(12)  Act as fiscal agent for and receive payments onshare 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 incidentalpowers that are necessary or requisite to enable it to effectively carry outits purposes. [L 1993, c 350, pt of §1]