32-3-305. Societies -- associations.
99 words·~1 min read·
/mt/title-32/chapter-3/part-3/32-3-305·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
32-3-305 . Societies -- associations.
(1)Societies and partnerships composed primarily of individuals who are eligible for membership and corporations whose stockholders are composed primarily of such individuals may be admitted to membership in the same manner and under the same conditions as individuals.
(2)No loan may be made to any member society, partnership, or corporation in an aggregate amount that is in excess of 5% of the credit union's shares and retained earnings. Total loans to member societies, partnerships, and corporations is limited to an aggregate amount of 15% of the credit union's shares and retained earnings.