678.850 - Organization and operation; rights and powers. - Nevada Statutes

678.850  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.

      (Added to NRS by 1975, 393; A 1977, 891)