17-2215. Power to borrow money; limitations.
89 words·~1 min read·
/ks/chapter-17/17-2215A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
17-2215. Power to borrow money; limitations. A credit union shall have the power to borrow from any source, subject to special orders of or in accordance with such rules and regulations as may be prescribed by the administrator, but the total of such borrowing shall at no time exceed 50% of the shares, undivided earnings and reserves of the borrowing credit union. Any credit union may discount with or sell to any federal intermediate credit bank any eligible obligations up to the amount of its shares and share certificates.