Article 15A.
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Article 15A.
Corporate Credit Union.
§ 54-110.1. Definition and purposes.
(a)A corporate credit union may be incorporated under this Article and shall be subject to all parts of this Chapter not inconsistent with this Article.
(b)A corporate credit union is a cooperative nonprofit association whose members consist primarily of other credit unions and whose purposes are:
(1)To accumulate and prudently manage the liquidity of its member credit unions through interlending and investment services;
(2)To act as an intermediary for credit union funds between members and other corporate credit unions;
(3)To obtain liquid funds from other credit union organizations, financial intermediaries, and other sources;
(4)To foster and promote in cooperation with other state, regional, and national corporate credit unions and credit union organizations or associations the economic security, growth and development of member credit unions; and
(5)To perform such other financial services of benefit to its members which are authorized by the Administrator of Credit Unions. (1983, c. 470.)