2005 Vermont Code - § 2079. — Investments

§ 2079. Investments

Funds not used in loans to members may be invested:

(1) in securities, obligations, or other instruments of or issued by or fully guaranteed as to principal and interest by the United States of America or any of its agencies or in any trust or trusts established for investing directly or collectively in it;

(2) in obligations of any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and the several territories organized by Congress, or any of its political subdivisions;

(3) in certificates of deposit or passbook type accounts issued by a state or national bank, mutual savings bank, or savings and loan association;

(4) in loans to or in shares or deposits of other credit unions and central credit unions, corporate credit unions or a central liquidity facility established under state or federal law;

(5) in the capital shares, obligations, or preferred stock issues of any agency or an association organized either as a stock company, mutual association or membership corporation provided the membership or stockholdings, as the case may be, of such agency or association are primarily confined or restricted to credit unions, or organizations of credit unions, and provided the purposes for which the agency or association is organized are designed primarily to service or otherwise assist credit union operations;

(6) in shares of a cooperative society organized under the laws of this state or of the laws of the United States in the total amount not exceeding ten percent of the shares, deposits, and surplus of the credit union;

(7) in any investment legal for financial institutions as they are defined in subdivision 11101(32) of this title, but in no event common stock; or

(8) in loans to any credit union association or corporation, national or state, of which the credit union is a member, except that the investments shall be limited to two percent of the assets of the credit union. (Added 1967, No. 312 (Adj. Sess.), § 1, eff. March 22, 1968; amended 1969, No. 18, § 8, eff. March 11, 1969; 1975, No. 70, § 8; 1983, No. 227 (Adj. Sess.), § 5; 1999, No. 153 (Adj. Sess.), § 9, eff. Jan. 1, 2001.)