370.071. Additional powers of a credit union--membership fee allowed, when.

MISSOURI STATUTES AND CODES

370.071. Additional powers of a credit union--membership fee allowed, when.

Additional powers of a credit union--membership fee allowed, when.

370.071. A credit union may have the following additional powers:

(1) To contract for group insurance plans, approved by the state ofMissouri, on behalf of members electing to participate in such insuranceprograms and to charge a fee for providing such services;

(2) To exercise such additional powers, with the approval of thedirector, as federally chartered credit unions may be authorized underfederal statutes; however, this section shall not apply to field ofmembership provisions within this chapter;

(3) To hold membership in central credit unions whose field ofmembership includes credit unions, and to invest funds in shares ofcorporations to aid the liquidity of credit unions;

(4) To act as the fiscal or transfer agent of the United States, ofany state, municipality, or political subdivision and in such capacity toreceive and disburse money, to transfer, register and countersigncertificates of stock, bonds and other evidences of indebtedness;

(5) Notwithstanding any other law to the contrary, a credit union maycharge initial and/or recurring membership fees, provided such fees havebeen approved by a majority of the membership in attendance at any regularor special meeting or by a mail ballot as provided in the credit unionbylaws, after notice of the purpose thereof shall have been mailed at leastseven days and no longer than sixty days prior to the date of such meeting.Such membership fees shall not be construed as reserve income but shall beused at the sole discretion of the board of directors for the benefit ofthe credit union.