412:10-800 Application of part.
§412:10-800 Application of part. Provisions of this part shall govern the formation and operations of a corporate credit union. Only one corporate credit union may be chartered under this article and as such shall have the exclusive right to use the term “corporate credit union” as part of its name. All parts of this chapter […]
412:10-801 Purposes.
§412:10-801 Purposes. The purposes of the corporate credit union 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, […]
412:10-802 Membership.
§412:10-802 Membership. Membership in the corporate credit union shall consist of and be limited to the credit union subscribers to the articles of association, credit unions chartered under this article, the Federal Credit Union Act or any other credit union law, and organizations or associations of credit unions. [L 1993, c 350, pt of §1]
412:10-803 Organization.
§412:10-803 Organization. The application, approval and formation process for the corporate credit union shall be the same as for any other credit union, except that ten or more credit unions shall be required to file an application for a charter. [L 1993, c 350, pt of §1]
412:10-804 Management and operation of corporate credit union.
§412:10-804 Management and operation of corporate credit union. The corporate credit union shall be organized and operated like any other credit union, except that: (1) Persons eligible to hold office and vote shall be designated by the board of directors of each member of the corporate credit union as the voting representative in the corporate […]
412:10-805 Powers.
§412:10-805 Powers. The corporate credit union shall have all the rights, powers and privileges of any other credit union chartered under this article, as well as the power to: (1) Accept funds, either as shares or deposits, from a member and from any credit union chartered by this State, by another state or territory of […]
412:10-806 Participation in central system.
§412:10-806 Participation in central system. The corporate credit union may enter into agreements and subscribe to any required shares for the purpose of participation in the National Credit Union Administration Central Liquidity Facility created by Public Law 95-630 or any other state or federal central liquidity facility or central financial system for credit unions. The […]
412:10-807 Collection on loans to members.
§412:10-807 Collection on loans to members. (a) For any amounts due from a member to the corporate credit union, the corporate credit union shall have: (1) A right of immediate setoff against the balances of the share and deposit accounts of each member; and (2) A lien on all share and deposit accounts of each […]
412:10-808 Meetings.
§412:10-808 Meetings. The board of directors of the corporate credit union shall meet at least every ninety days in person or by means of telephone as provided in the bylaws. [L 1993, c 350, pt of §1]
412:11-100 Applicability of article.
§412:11-100 Applicability of article. The provisions of this article shall govern the registration, reporting and examination of financial institution holding companies in this State. [L 1993, c 350, pt of §1]