Pennsylvania § 502 - Powers of central or corporate credit unions.
Full text of Pennsylvania Pennsylvania Consolidated Statutes § 502 — Powers of central or corporate credit unions., with citation guidance and answers to common questions.
§ 502. Powers of central or corporate credit unions.
(a) General rule.--A central or corporate credit union shall have the general power to enjoy the powers and privileges of any other credit union incorporated under this title in addition to those powers enumerated in this section, or otherwise granted to corporate or central credit unions, regardless of any limitations or restrictions found elsewhere in this title.
(b) Special powers.--A central or corporate credit union shall have the following special powers to:
(1) Accept shares or deposits in any form from its members, any credit union chartered under the laws of the United States or of any state, including central or corporate credit unions, and credit union organizations and associations.
(2) Make loans to its members, any credit union chartered under the laws of the United States or of any state, including central or corporate credit unions, and credit union organizations or associations.
(3) Buy and sell any form of marketable debt obligations of domestic or foreign corporations or of Federal, state or local government units.
(4) Borrow from any source without limitations, accept demand deposits from any source and issue notes and debentures.
(5) Acquire or sell the assets and assume the liabilities of a member and to enter into agreements with any credit union organized under the laws of the United States or any state to discount or purchase loans made pursuant to government guaranteed loan programs or real estate loans made by any credit union or any obligations of the United States or any agency thereof held by any credit union.
Cross References. Section 502 is referred to in section 103 of this title.
Source: official Pennsylvania text · Last verified 2026-08-27
Frequently Asked Questions About Pennsylvania § 502
What does Pennsylvania Consolidated Statutes § 502 cover?
Section 502 ("Powers of central or corporate credit unions.") is part of the Pennsylvania Consolidated Statutes, the codified statutory law of Pennsylvania. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Pennsylvania § 502?
A common citation format is "Pennsylvania Consolidated Statutes § 502" (Pennsylvania). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Pennsylvania law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Pennsylvania official source linked on this page or consult a licensed Pennsylvania attorney.
How does Pennsylvania § 502 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Pennsylvania can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Pennsylvania.