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La. R.S. 6:655

Power to borrow

Known as the Louisiana Credit Union Law

The act spans §§ 6–6 (50 sections).

Amended by Acts 1954, No. 530, §1; Acts 1983, No. 351, §1.

A. A credit union may borrow from any source, but the total of such borrowing at no time shall exceed fifty percent of its paid in and unimpaired capital and surplus.

B. The limitation in Subsection A of this Section shall not apply to a central or corporate credit union. However, the borrowing limitations of a central or corporate credit union shall be provided for in its bylaws as approved by the commissioner.

Official source: Louisiana State Legislature. Reproduced from public-domain Louisiana statutes; confirm against the official source for the current text. Not legal advice.