2017 South Carolina Code of Laws
Title 34 - Banking, Financial Institutions and Money
CHAPTER 26 - SOUTH CAROLINA CREDIT UNION ACT
Section 34-26-410. Additional powers of credit union.

In addition to the powers mentioned elsewhere in this chapter, a credit union may:

(1) enter into contracts of any nature;

(2) sue and be sued;

(3) adopt, use, and display a corporate seal;

(4) acquire, lease, hold, assign, pledge, hypothecate, sell, discount, or otherwise dispose of property or assets, either in whole or part, necessary or incidental to its operations;

(5) borrow from any source, provided that a credit union must receive the commissioner's approval to borrow in excess of an aggregate of twenty-five percent of its capital and deposits;

(6) purchase the assets of another credit union upon approval of the commissioner;

(7) offer related financial services including, but not limited to, electronic fund transfers, safe deposit boxes, leasing, and correspondent arrangements with other financial institutions;

(8) hold membership in other credit unions organized under this or other provisions of law, and in associations and organizations controlled by or fostering the interests of credit unions, including a central liquidity facility organized under state or federal law;

(9) act as fiscal agent for and receive payments on share and deposit accounts from a governmental unit;

(10) make contributions to any nonprofit civic, charitable, or service organizations; and

(11) purchase, sell, and hold investment securities which are marketable obligations in the form of bonds, notes, or debentures which are salable under ordinary circumstances with reasonable promptness at a fair value.

All investments and related contracts and agreements shall be made in accordance with written investment policies established by the board of directors.

HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.