26-2173. CORPORATE POWERS — IDAHO CORPORATE CREDIT UNION. The Idaho corporate credit union shall have the general rights and powers of any other credit union organized under the Idaho Credit Union Act and shall have the following additional powers:
(a) As authorized by its board of directors or executive committee, to deposit in federally insured state and national banks and deposit with or invest in shares of or loans to United States central credit union to an extent which shall not exceed its shares, and certificates of deposit.
(b) Receive investments from members in the form of shares or corporate deposits. Time deposits of surplus funds shall be evidenced by certificates of deposit having a maturity of not less than ninety (90) days. Surplus funds are those funds which are not needed to meet the member’s loan needs or expenses.
(c) To pay and return on shares, share certificates and deposits at such rates as are determined by the board of directors, giving due consideration to the amount and time period of the savings or investment commitment.
(d) To borrow from any source except individuals provided that the total amount shall not exceed fifty percent (50%) of its members’ shares, daily interest deposits and certificates of deposit. Provided that with prior written approval of the director of finance, the corporate credit union may exceed the fifty percent (50%) limitation.
(e) To make loans and to participate with the United States central credit union in making loans to members of the corporate credit union upon the terms and conditions determined by the board of directors.
(f) To make deposits in any member credit union in this state and the United States central credit union.
(g) To purchase the fixed assets of a member credit union if the board of directors of the corporate credit union determines it in the best interest of the member credit union.
(h) To develop and enter into agreement for the purpose of participation in any governmental agency liquidity or interlending system among credit unions and for the purpose of aiding credit unions in establishing concentrated lines of credit with other financial institutions, and to act as a depositor and transmitter of funds for the purpose of carrying out this power.
(i) To accept deposits from the United States central credit union in the form of certificates of deposit.
History:
[26-2173, added 1977, ch. 213, sec. 2, p. 612.]
Structure Idaho Code
Chapter 21 - IDAHO CREDIT UNION ACT
Section 26-2103 - SUPPLEMENTARY GENERAL PRINCIPLES OF LAW APPLICABLE.
Section 26-2104 - DEFINITION AND USE OF TERMS.
Section 26-2105 - ORGANIZATION.
Section 26-2107 - RESTRICTIONS.
Section 26-2109 - POWER TO ACQUIRE AND HOLD REAL PROPERTY.
Section 26-2111 - EXPULSION AND WITHDRAWAL FROM FIELD OR MEMBERSHIP.
Section 26-2112 - FISCAL YEAR.
Section 26-2113 - MEMBER VOTING.
Section 26-2113A - ANNUAL MEMBERSHIP MEETINGS.
Section 26-2113B - SPECIAL MEMBERSHIP MEETINGS.
Section 26-2114 - BOARD OF DIRECTORS — ELECTION OF DIRECTORS — TERMS — VACANCIES — MEETINGS — RULES.
Section 26-2114A - BOARD MEMBERS — QUALIFICATIONS.
Section 26-2114B - OFFICIALS — FIDUCIARY DUTY — RELIANCE ON INFORMATION.
Section 26-2116 - BOARD OF DIRECTORS — POWERS AND DUTIES.
Section 26-2117 - PENALTIES FOR OFFICIAL MISCONDUCT.
Section 26-2118 - CREDIT COMMITTEE — APPOINTMENT — DUTIES.
Section 26-2120 - LIMIT ON LOAN AMOUNT — LOANS TO ONE BORROWER.
Section 26-2120A - LIMIT ON LOAN MATURITY.
Section 26-2121 - SUPERVISORY COMMITTEE — MEMBERSHIP — TERMS — VACANCIES.
Section 26-2121A - SUPERVISORY COMMITTEE DUTIES.
Section 26-2121B - SUSPENSION OF MEMBERS OF THE BOARD BY SUPERVISORY COMMITTEE — FOR CAUSE.
Section 26-2121C - SUSPENSION OF MEMBERS OF THE BOARD OR SUPERVISORY COMMITTEE BY BOARD — FOR CAUSE.
Section 26-2121D - REMOVAL OF DIRECTOR OR SUPERVISORY COMMITTEE MEMBER.
Section 26-2122 - COMPENSATION — CREDIT UNION MANAGER, EMPLOYMENT.
Section 26-2123 - SHARES AND CERTIFICATES OF DEPOSIT.
Section 26-2124 - JOINT ACCOUNTS.
Section 26-2126 - TRUST ACCOUNTS.
Section 26-2127 - INVESTMENT OF FUNDS.
Section 26-2128 - LIQUIDITY REQUIREMENTS.
Section 26-2129 - RESERVE REQUIREMENTS.
Section 26-2131 - SHARE REDUCTION.
Section 26-2133 - REPORTS — FINANCIAL AND STATISTICAL DATA.
Section 26-2134 - APPLICATION FEES.
Section 26-2135 - BOOKS AND RECORDS.
Section 26-2136A - EXAMINATIONS AND INVESTIGATIONS REPORTS — ACCESS TO RECORDS — OATHS — SUBPOENAS.
Section 26-2136C - DISCLOSURE OF CONFIDENTIAL INFORMATION BY THE DEPARTMENT — PENALTY.
Section 26-2137 - FALSE REPORTS.
Section 26-2140 - CEASE AND DESIST ORDER — PENALTY.
Section 26-2140A - CONSERVATORSHIP.
Section 26-2141A - RECEIVER — DUTIES — POWERS.
Section 26-2142 - VOLUNTARY AND/OR INVOLUNTARY LIQUIDATION.
Section 26-2143 - HEAD OFFICE AND BRANCH OFFICES.
Section 26-2144 - ADMINISTRATION, RULES AND REGULATIONS.
Section 26-2145 - AUTHORITY TO EXERCISE FEDERAL POWERS.
Section 26-2146 - INVESTMENT IN SERVICE CORPORATION.
Section 26-2147 - CREDIT UNIONS JOINTLY HOLDING STOCK — EFFECT OF WITHDRAWAL BY ONE CREDIT UNION.
Section 26-2148 - DUTY OF CREDIT UNION SERVICE CORPORATION NOT TO DISCRIMINATE — BURDEN OF PROOF.
Section 26-2149 - PROHIBITED ACTIVITIES.
Section 26-2150 - CUSTOMER-CREDIT UNION COMMUNICATION TERMINAL.
Section 26-2151 - CUSTODIAL ACCOUNTS.
Section 26-2152 - INTERSTATE CREDIT UNIONS — APPROVAL — PERMIT — FEES — SUPERVISION.
Section 26-2153 - SHARE AND DEPOSIT INSURANCE.
Section 26-2154 - CREDIT UNIONS ELIGIBLE AS DEPOSITORIES.
Section 26-2155 - DESIGNATION OF DEPOSITORY — REPORTING OF RESERVES AND UNDIVIDED EARNINGS.
Section 26-2156 - BOND COVERAGE.
Section 26-2157 - AUTHORITY OF DIRECTOR TO CALL AND ATTEND SPECIAL MEETING OF THE BOARD.
Section 26-2170 - DEFINITION, PURPOSE AND RESTRICTIONS, IDAHO CORPORATE CREDIT UNION.
Section 26-2171 - ORGANIZATION — IDAHO CORPORATE CREDIT UNION.
Section 26-2172 - AMENDMENTS — IDAHO CORPORATE CREDIT UNION.
Section 26-2173 - CORPORATE POWERS — IDAHO CORPORATE CREDIT UNION.
Section 26-2174 - MEMBERSHIP IN THE IDAHO CORPORATE CREDIT UNION.
Section 26-2176 - MEETINGS AND ELECTIONS OF THE IDAHO CORPORATE CREDIT UNION.
Section 26-2177 - OFFICIAL FAMILY — IDAHO CORPORATE CREDIT UNION.
Section 26-2178 - OFFICERS — IDAHO CORPORATE CREDIT UNION.
Section 26-2179 - BOARD OF DIRECTORS — IDAHO CORPORATE CREDIT UNION.
Section 26-2180 - LOANS TO MEMBER CREDIT UNIONS — IDAHO CORPORATE CREDIT UNION.
Section 26-2181 - COMPENSATION — CORPORATE OFFICERS.
Section 26-2182 - SHARES AND DEPOSITS.
Section 26-2183 - RESERVE ALLOCATIONS — IDAHO CORPORATE CREDIT UNION.
Section 26-2184 - DIVIDENDS — IDAHO CORPORATE CREDIT UNION.
Section 26-2185 - APPLICABLE PROVISIONS OF THE IDAHO CREDIT UNION ACT.
Section 26-2186 - TAXATION — IDAHO CORPORATE CREDIT UNION.