Section 73: Borrowing on behalf of credit union
107 words·~1 min read·
/ma/part-i/title-xxii/chapter-171/73·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 73. The board of directors may borrow money for and on behalf of the credit union.
The board may, if the credit union has a deposit or share account, borrow money for and on behalf of the credit union from a savings bank, cooperative bank, federal savings and loan association, national bank or trust company, an entity identified by the commissioner or any federally-insured corporate credit union; provided, however, that money borrowed from any such institution shall be in an amount not more than the deposit or share account and shall extend not more than 1 year from the date on which the loan is made.