45-4-502 - Credit union may borrow. - Tennessee Statutes

45-4-502. Credit union may borrow.

(a)  A credit union has the power to borrow from any source, but the total of borrowing shall at no time exceed fifty percent (50%) of the member accounts and surplus of the borrowing credit union.

(b)  A central credit union, as defined in § 45-4-101, has the power to borrow from any source, and is not subject to the limitations of subsection (a).

[Acts 1923, ch. 68, § 18; Shan. Supp., § 2198a25; Code 1932, § 3852; Acts 1978, ch. 552, § 5; T.C.A. (orig. ed.), § 45-1823; Acts 1982, ch. 722, § 1.]