§ 54-110.1. Definition and purposes. - North Carolina Statutes

Article15A.

Corporate Credit Union.

§ 54‑110.1.  Definitionand purposes.

(a)        A corporate creditunion may be incorporated under this Article and shall be subject to all partsof this Chapter not inconsistent with this Article.

(b)        A corporate creditunion is a cooperative nonprofit association whose members consist primarily ofother credit unions and whose purposes are:

(1)        To accumulate andprudently manage the liquidity of its member  credit unions throughinterlending and investment services;

(2)        To act as anintermediary for credit union funds between members and other corporate creditunions;

(3)        To obtain liquidfunds from other credit union organizations, financial intermediaries, andother sources;

(4)        To foster andpromote in cooperation with other state, regional, and national corporatecredit unions and credit union organizations or associations the economicsecurity, growth and development of member credit unions; and

(5)        To perform suchother financial services of benefit to its members which are authorized by theAdministrator of Credit Unions. (1983, c. 470.)