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2020 California Code
Financial Code - FIN
DIVISION 5 - CREDIT UNIONS
CHAPTER 4 - Management and Operations
ARTICLE 6 - Investments
Section 14659.
Universal Citation: CA Fin Code § 14659 (2020)
14659.
(a) A credit union that is investing to fund an employee benefit plan obligation may purchase an investment that would otherwise be impermissible if the investment is directly related to the credit union’s obligation or potential obligation under the employee benefit plan and the credit union holds the investment only for as long as it has an actual or potential obligation under the employee benefit plan.
(b) For purposes of this section, specific authorization pursuant to Section 14653.5 is not required.
(Added by Stats. 2018, Ch. 267, Sec. 4. (AB 2862) Effective January 1, 2019.)
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