PUBLISHED

N.C.G.S. § 54-110.1

Definition and purposes.

Effective date: 2026-08-08
Last verified: 2026-08-09
Source: official source
Revision history: view all versions

(a) A corporate credit union may be incorporated under this Article and shall be subject to all parts of this Chapter not inconsistent with this Article. (b) A corporate credit union is a cooperative nonprofit association whose members consist primarily of other credit unions and whose purposes are: (1) To accumulate and prudently manage the liquidity of its member credit unions through interlending and investment services; (2) To act as an intermediary for credit union funds between members and other corporate credit unions; (3) To obtain liquid funds from other credit union organizations, financial intermediaries, and other sources; (4) To 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) To perform such other financial services of benefit to its members which are authorized by the Administrator of Credit Unions. (1983, c. 470.)