2017 South Carolina Code of Laws
Title 34 - Banking, Financial Institutions and Money
CHAPTER 26 - SOUTH CAROLINA CREDIT UNION ACT
Section 34-26-1020. Permissible investments of credit union funds.
Funds not used in loans to members may be invested:
(1) in any investment which is legal for state-chartered banks;
(2) in deposits, obligations, or other accounts of financial institutions organized under state or federal law;
(3) in loans to or in shares or deposits of other credit unions or corporate credit unions;
(4) in deposits, in loans to, or shares of any Federal Reserve Bank, U.S. Central Credit Union, or of any central liquidity facility established under state or federal law;
(5) in shares, stocks, deposits in, loans to, or other obligations of any credit union service organization, or association exclusively providing services associated with the credit union or engaging in activities incidental to the operations of a credit union. Such investments in the aggregate may not exceed fifteen percent of the credit union's reserves and undivided profits;
(6) in participation loans with other credit unions; and
(7) in fixed assets, not to exceed sixty percent of the credit union's reserves and undivided profits, unless with the prior written approval of the Board of Financial Institutions.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
