§ 511. Power to borrow.
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/pa/title-17/chapter-5/511A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 511. Power to borrow.
(a)General rule.-- A credit union may borrow from any source a sum not exceeding 50% of its unimpaired capital, regular reserve, contingency reserves and undivided earnings for the purpose of meeting the demand for loans to members or for the purpose of meeting demands for share withdrawals.
(b)Exception.-- A credit union shall not borrow for the purpose of making investments authorized by section 501(b)(7) (relating to powers).
17c511v
(Dec. 9, 2002, P.L.1572, No.207, eff. 60 days; June 18, 2014, P.L.754, No.62, eff. 60 days)
2014 Amendment. Act 62 amended subsec. (a).
17c512s