§ 31705. Powers
§ 31705. Powers A corporate credit union shall enjoy the powers and privileges of any other credit union incorporated under this part in addition to those powers enumerated in this subchapter, notwithstanding any limitation or restrictions found elsewhere in this part. The Commissioner may adopt such rules concerning the establishment and operation of corporate credit […]
§ 31706. Reserves
§ 31706. Reserves Each corporate credit union shall maintain such reserves and accounts as required by the regulations of the National Credit Union Administration, or its successor, as amended from time to time. (Added 2005, No. 16, § 1, eff. July 1, 2005; amended 2021, No. 105 (Adj. Sess.), § 332, eff. July 1, 2022.)
§ 31701. General application
§ 31701. General application (a) Any corporate credit union chartered by the Commissioner shall be subject to such rules and orders as the Commissioner deems appropriate and, except as otherwise specifically provided in such rules or orders, shall be vested with or subject to the same rights, privileges, duties, restrictions, penalties, liabilities, conditions, and limitations […]
§ 31702. Organization
§ 31702. Organization (a) Application to form a corporate credit union shall be made in writing to the Commissioner. A corporate credit union shall be organized and operated under the provisions of this part, except to the extent such provisions are not consistent with this subchapter. (b) A corporate credit union shall use the word […]
§ 31703. Membership
§ 31703. Membership (a) Membership in the corporate credit union may consist of Vermont-chartered credit unions, any other state-chartered credit union, any federally chartered credit union, organizations or associations of credit unions, and such other organizations provided for in the articles of incorporation. (b) A member of the corporate credit union shall designate one person […]
§ 31704. Purposes
§ 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 […]