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§ 511. Power to borrow

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 17 Pa.C.S.A. Credit UnionsEffective: August 18, 2014

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 17 Pa.C.S.A. Credit Unions (Refs & Annos)
Chapter 5. Corporate Powers, Duties and Safeguards
Effective: August 18, 2014
17 Pa.C.S.A. § 511
§ 511. Power to borrow
Currentness
(a) General rule.--A credit union may borrow from any source a sum not exceeding 50% of its unimpaired capital, regular reserve, contingency reserves and undivided earnings for the purpose of meeting the demand for loans to members or for the purpose of meeting demands for share withdrawals.
(b) Exception.--A credit union shall not borrow for the purpose of making investments authorized by section 501(b)(7) (relating to powers).

Credits

1990, Dec. 19, P.L. 834, No. 198, § 302, effective in two months. Amended 2002, Dec. 9, P.L. 1572, No. 207, § 5, effective in 60 days; 2014, June 18, P.L. 754, No. 62, § 2, effective in 60 days [Aug. 18, 2014].
17 Pa.C.S.A. § 511, PA ST 17 Pa.C.S.A. § 511
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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