§31C-11-1. Incorporation
A corporate credit union may be incorporated under this article. All parts of this chapter not inconsistent with this article shall apply to it.
§31C-11-10. Reserves
(a) The corporate credit union shall be exempt from the regular reserve requirements of subsection (a), section three, article nine of this chapter but at the end of each accounting period and prior to paying a dividend or interest refund (or, at the option of the credit union, on a monthly basis if dividends or […]
§31C-11-11. Annual Audit
(a) The supervisory committee of the corporate credit union shall cause an annual audit to be made by an independent certified public accountant and shall submit the annual audit report to the board of directors. A summary of the audit report shall be submitted to the membership at the next annual meeting. (b) A copy […]
§31C-11-12. Securities Exemption
The corporate credit union shall be exempt from the securities laws of this state.
§31C-11-2. Purposes
The purposes of the corporate credit union are to: (a) Accumulate and prudently manage the liquidity of its member credit unions through interlending and investment services; (b) Act as an intermediary for credit union funds between members and other corporate credit unions; (c) Obtain liquid funds from other credit union organizations, financial intermediaries and other […]
§31C-11-3. Membership
(a) Membership in the corporate credit union shall consist of and be limited to the credit union subscribers to the articles of incorporation, credit unions incorporated under this chapter, the Federal Credit Union Act or any other credit union act, organizations or associations of credit unions, and such other organizations provided for in the articles […]
§31C-11-4. Organization
(a) Application to form a corporate credit union shall be made in writing to the commissioner. The application shall contain the names of at least ten percent of the credit unions in the proposed field of membership, but in no case less than fifty credit unions that have agreed to subscribe to shares in the […]
§31C-11-5. Powers and Privileges
(a) The corporate credit union shall enjoy the powers and privileges of any other credit union incorporated under this chapter in addition to those powers enumerated in this article, notwithstanding any limitations or restrictions found elsewhere in this chapter. (b) The corporate credit union may: (1) Accept funds, either as shares or deposits, from a […]
§31C-11-6. 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 available to credit unions. It may also enter into […]
§31C-11-7. Security Interest
The corporate credit union may require and accept security for loans to a member in the form of a pledge, assignment, hypothecation or mortgage of any assets of the member or a guarantor.
§31C-11-8. Meetings
The board of directors of the corporate credit union shall meet each month. The board may meet at other times as is necessary. Board meetings may be conducted by means of telephone as provided in the bylaws in a manner consistent with state law.
§31C-11-9. Fees
Corporate credit unions shall pay the assessment and fees set for credit unions under this code to defray the costs to the commissioner and board for their supervision, examination and administration. The assessments and operating fees established by the commissioner or Legislature may make allowances for the special purposes and operations of the corporate credit […]