§412:10-203 - Sale or purchase of obligations or notes.
§412:10-203 Sale or purchase of obligationsor notes. A credit union may purchase, sell, pledge, or discount orotherwise receive or dispose of, in whole or in part, any eligible obligationsof its members and to purchase from any liquidating credit union notes made byindividual members of the liquidating credit union as may be agreed upon by theboard of directors of the liquidating credit union and the board of directorsof the purchasing credit union, but no purchase may be made under authority of thissection, if after that purchase, the aggregate of the unpaid balances of notespurchased under authority of this section would exceed five per cent of thecapital of the credit union. [L 1993, c 350, pt of §1]