§31704. Purposes

Link to law: http://legislature.vermont.gov/statutes/section/08/221/31704
Published: 2015

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Title

08

:
Banking and Insurance






Chapter

221

:
ORGANIZATION AND MANAGEMENT OF CREDIT UNION






Subchapter

007
:
CORPORATE CREDIT UNIONS










 

§

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 credit

unions;

(3) obtain

liquid funds from other credit union organizations, financial intermediaries,

and other sources;

(4) foster and

promote in cooperation with other state, regional, and national corporate

credit unions and credit union organizations or associations the economic

security, growth, and development of member credit unions; and

(5) Perform such

other financial services of benefit to its members that are authorized by the

Commissioner. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
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