§822. Borrowing
82 words·~1 min read·
/me/title-9-b-financial-institutions/chapter-82-powers/822·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. Limitation. A credit union may borrow moneys from any source; provided that its aggregate borrowing shall not exceed 50% of its paid-in share capital and total surplus.
[PL 1975, c. 500, §1 (NEW).]
2. Exceeding limitation. Upon making application to and receiving the written approval of the superintendent, a credit union may borrow in excess of the limitation set forth in subsection 1 , but not in excess of the amount stated in such approval.
[PL 1975, c. 500, §1 (NEW).]