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Vt. Stat. Ann. tit. 8, § 31704

Purposes

Added 2005, No. 16, § 1, eff

A corporate credit union is a credit union whose members consist primarily of other credit unions and whose purposes are to:

(1) accumulate and prudently manage the liquidity of its member credit unions through interlending and investment services;

(2) act as an intermediary for credit union funds between members and other corporate credit unions;

(3) obtain liquid funds from other credit union organizations, financial intermediaries, and other sources;

(4) foster and promote in cooperation with other state, regional, and national corporate credit unions and credit union organizations or associations the economic security, growth, and development of member credit unions; and

(5) perform such other financial services of benefit to its members that are authorized by the Commissioner.

Official source: Vermont General Assembly. Reproduced from public-domain Vermont statutes; confirm against the official source for the current text. Not legal advice.