§ 54-110.5. Powers and privileges. - North Carolina Statutes

§54‑110.5.  Powers and privileges.

(a)        A corporate creditunion shall enjoy the powers and privileges of any other credit unionincorporated under Chapter 54 of the General Statutes in addition to thosepowers enumerated in this Article, notwithstanding any limitations orrestrictions found elsewhere in this Article.

(b)        A corporate creditunion may:

(1)        Accept shares ordeposits in any form from its members, other state, regional or nationalcorporate credit unions, and credit union organizations or associations;

(2)        Make loans to itsmembers and other credit unions and other State, regional or national corporatecredit unions, organizations and associations of credit unions;

(3)        Establish lines ofcredit for members and participate with other credit unions in making loans toits members under the terms and conditions determined by the board ofdirectors;

(4)        Invest in the sharesof or make deposits in credit unions;

(5)        Buy and sell anyform of marketable debt obligations of domestic or foreign corporations or offederal, state or local government units;

(6)        Borrow from anysource without limitation, accept demand deposits from any source and issuenotes or debentures;

(7)        Acquire or sell theassets and assume the liabilities of a member; and

(8)        Enter intoagreements with credit unions to discount or purchase loans made pursuant togovernment‑guaranteed loan programs, real estate loans made by members orany obligations of the United States or any agency thereof held by members.

(c)        A corporate creditunion shall not be taxable under any law which shall exempt any other creditunion.

(d)        The board ofdirectors shall meet at least quarterly and shall  have the general directionand control of the affairs of the corporation.

(e)        The corporatecredit union may exercise such incidental powers or privileges conferred upon afederal corporate credit union. (1983, c. 470.)