§861. Investments in general
1.
Applicable law.
In addition to the loans a credit union is authorized to make pursuant to chapter 85, a credit union may invest its funds in accordance with the provisions of this chapter.
[PL 1975, c. 500, §1 (NEW).]
2.
Director approval required.
Investments pursuant to this chapter shall only be made with the approval of the board of directors or executive committee of the credit union.
[PL 1975, c. 500, §1 (NEW).]
3.
Written investment policy.
A credit union's board of directors shall establish a written investment policy, which must be reviewed and ratified at least annually, that addresses at a minimum the following:
A.
Investment quality parameters;
[PL 2003, c. 322, §39 (NEW).]
B.
Investment mix and diversification;
[PL 2003, c. 322, §39 (NEW).]
C.
Investment maturities; and
[PL 2003, c. 322, §39 (NEW).]
D.
Delegation of authority to officers and committees responsible for administering the portfolio.
[PL 2003, c. 322, §39 (NEW).]
[PL 2003, c. 322, §39 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 2003, c. 322, §39 (AMD).