There Is a Newer Version
of
the Pennsylvania Consolidated Statutes
2016 Pennsylvania Consolidated Statutes
Title 17 - CREDIT UNIONS
Chapter 5 - Corporate Powers, Duties and Safeguards
Section 511 - Power to borrow
Universal Citation:
§ 511. Power to borrow.
17 PA Cons Stat ยง 511 (2016)
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This media-neutral citation is based
on the American Association of Law Libraries Universal Citation Guide and is not
necessarily the official citation.
(a) General rule.--A credit union may borrow from any source a sum not exceeding 50% of its unimpaired capital, regular reserve, contingency reserves and undivided earnings for the purpose of meeting the demand for loans to members or for the purpose of meeting demands for share withdrawals.
(b) Exception.--A credit union shall not borrow for the purpose of making investments authorized by section 501(b)(7) (relating to powers).
(Dec. 9, 2002, P.L.1572, No.207, eff. 60 days; June 18, 2014, P.L.754, No.62, eff. 60 days)
2014 Amendment. Act 62 amended subsec. (a).
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