§412:10-805  Powers.  The corporatecredit union shall have all the rights, powers and privileges of any othercredit union chartered under this article, as well as the power to:

(1)  Accept funds, either as shares or deposits, froma member and from any credit union chartered by this State, by another state orterritory of the United States, or by the United States, whether or not suchcredit union is a member of the corporate credit union, or from a similarinstitution incorporated under the laws of another country;

(2)  Make loans to or invest in a member or in anycredit union chartered by this State, by another state or territory of theUnited States, or by the United States, whether or not such credit union is amember of the corporate credit union;

(3)  Make loans to or place deposits in a bank,savings bank, trust company, or savings and loan association chartered by thisState, by another state or territory of the United States, or by the UnitedStates;

(4)  Provide payment systems and correspondentservices to its members;

(5)  Participate with any credit union chartered bythis State, another state or territory of the United States, or the UnitedStates in making loans to its members or to members of any other participatingcredit union, under the terms and conditions to which the participating creditunions agree;

(6)  Contract for penalties for payment of loans priorto the scheduled maturity;

(7)  Sell all or a part of its assets to anotherdepository financial institution, purchase all or part of the assets of anotherdepository financial institution and assume the liabilities of the sellingdepository financial institution and those of the selling depositoryinstitution's members or depositors;

(8)  Act as intermediary for the funds of members, creditunions and other corporate credit unions;

(9)  Act as agent for members, other credit unions andcredit union organizations in paying, receiving, transferring the assets andliabilities received and invested as permitted in this article;

(10)  Receive and hold in safekeeping the securitiesand other assets of its members and, in connection therewith, make suchdisposition of such assets as may be agreed to or directed by the member; and

(11)  Exercise all incidental powers that areconvenient, suitable or necessary to enable it to carry out the corporatecredit union's purposes. [L 1993, c 350, pt of §1]