North Carolina § 54-110 - 1. Definition and purposes.

§ 54-110. 1. Definition and purposes.

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. A corporate credit union is a cooperative nonprofit association whose members consist primarily of other credit unions and whose purposes are: To accumulate and prudently manage the liquidity of its member credit unions through interlending and investment services; To act as an intermediary for credit union funds between members and other corporate credit unions; To obtain liquid funds from other credit union organizations, financial intermediaries, and other sources; 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 To perform such other financial services of benefit to its members which are authorized by the Administrator of Credit Unions. History (1983, c. 470.) Editor's Note. - This Article is Article 15 of Chapter 54 , as rewritten by Session Laws 1983, c. 470, s. 1.