533.213 Corporate central credit union.
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/ia/chapter-533-credit-unions/533-213·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. A corporate central credit union may be established.
a. Credit unions organized under this chapter, the Federal Credit Union Act, 12 U.S.C. §1751 et seq., or any other credit union act and credit union organizations may be members.
b. Regulated financial institutions, nonprofit organizations, and cooperative organizations may also be members to the extent and manner provided for in the bylaws of the corporate central credit union.
2. A corporate central credit union shall not be required to transfer to its legal reserve more than five percent of its net income for the year.
3. A corporate central credit union shall have all the powers, restrictions, and obligations imposed upon or granted to a state credit union under this chapter, except that the corporate central credit union may also exercise any of the following additional powers subject to the adoption of rules by the superintendent and with the prior written approval of the superintendent:
a. Borrow any amount from any source.
b. Invest in or purchase obligations or securities or other designated investments to the same extent authorized for other supervised financial institutions.
c. Invest in or acquire shares, stocks, or other obligations of an organization providing services that are associated with the operations of credit unions. However, the aggregate amount invested pursuant to this paragraph shall not exceed fifty percent of the total of all reserves and undivided earnings of the corporate central credit union.
d. Buy or sell investment securities and corporate bonds that are evidences of indebtedness. However, the purchase or sale is limited to marketable obligations of a corporation or state or federal agency issued without recourse.
e. Establish one or more capital accounts in the same manner as if it were a federal credit union.
f. Sell all or part of its assets to another corporate central credit union and assume the liabilities of a selling corporate central credit union if the action is pursuant to a plan agreed upon by a majority of the board of directors and, in the case of the sale of all of its assets, the affirmative vote of a majority of its members according to the provisions of section 533.203.
g. Invest in the shares or deposits of another similarly organized corporate central credit union, or central liquidity facility.
h. Make other investments approved by the superintendent.
Referred to in §12C.16, 12C.17