370.365. Central credit union defined--how formed--fee, how determined. - Missouri Statutes

Central credit union defined--how formed--fee, how determined.

370.365. 1. A "central credit union" is one organized forthe primary purpose of serving other credit unions; except that,where the dollar amount of shares held by credit unions andassociations of credit unions shall fall below seventy-fivepercent of the total shareholdings, the director may suspend theprivilege of operating as a central credit union.

2. A central credit union may be chartered in the samemanner as are all other credit unions, except that, the field ofmembership shall be limited to credit unions, associations ofcredit unions and other persons expressly identified in thebylaws; and further, central credit unions may invest in theshares of other credit unions including other central creditunions, may purchase loans from credit unions, may borrow up tofive times its capital, surplus and reserve fund, may lend toeach member no more than twenty-five percent of its assets, andmay be required to insure its deposits only when so ordered bythe director.

3. When a central credit union is organized under thissection, the director, in lieu of other fees, shall charge theactual and necessary costs of examination, not to exceed threethousand dollars, to the central credit union.

(L. 1977 H.B. 48, A.L. 1978 S.B. 746)