Title 9-B: FINANCIAL INSTITUTIONS

Part 8: CREDIT UNIONS

Chapter 82: POWERS

§822. Borrowing

1.  Limitation.  A credit union may borrow moneys from any source; provided that its aggregate borrowing shall not exceed 50% of its paid-in share capital and total surplus.  

[PL 1975, c. 500, §1 (NEW).]

2.  Exceeding limitation.  Upon making application to and receiving the written approval of the superintendent, a credit union may borrow in excess of the limitation set forth in subsection 1, but not in excess of the amount stated in such approval.  

[PL 1975, c. 500, §1 (NEW).]

SECTION HISTORY

PL 1975, c. 500, §1 (NEW).