§ 31704 - Purposes - Vermont Statutes

§ 31704. Purposes

A corporate credit union is a credit union whose members consist primarily of other credit unions and whose purposes are to:

(1) Accumulate and prudently manage the liquidity of its member credit unions through interlending and investment services;

(2) Act as an intermediary for credit union funds between members and other corporate credit unions;

(3) Obtain liquid funds from other credit union organizations, financial intermediaries, and other sources;

(4) Foster and promote in cooperation with other state, regional, and national corporate credit unions and credit union organizations or associations the economic security, growth, and development of member credit unions; and

(5) Perform such other financial services of benefit to its members that are authorized by the commissioner. (Added 2005, No. 16, § 1, eff. July 1, 2005.)