NRS 672.850 Organization and operation; rights and powers.
153 words·~1 min read·
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NRS 672.850 Organization and operation; rights and powers.
1. A central credit union may be organized and operated under the provisions of this chapter by any three credit unions incorporated within this state. A central credit union is subject to all provisions not inconsistent with this section and shall use the term “central” in its official name.
2. A central credit union has all the rights and powers of any other credit union organized under this chapter and, in addition, a central credit union may:
(a)Make loans to other credit unions;
(b)Purchase shares and make deposits in other credit unions;
(c)Obtain the assets and liabilities of any credit union operating in this state which enters into liquidation;
(d)Invest in and grant loans to associations of credit unions or organizations chartered to provide exclusive service to credit unions; and
(e)Borrow money from any source and issue notes or debentures.