(a) General rule.-- A credit union may be incorporated under this title for the purpose of promoting thrift among its members, creating a source of credit for such members at reasonable rates of interest and providing an opportunity for its members to use and control their own money on a democratic basis in order to improve their economic and social condition. (b) Central or corporate credit unions.-- A central or corporate credit union formed primarily to serve other credit unions, including Federal credit unions and out-of-State credit unions, may be incorporated under this title and shall be subject to all provisions of this title not inconsistent with provisions specifically applicable to central or corporate credit unions. The purposes for which a central or corporate credit union may be incorporated are: (1) To accumulate and prudently manage the liquidity of its member credit unions through interlending and investment services. (2) To act as an intermediary for credit union funds between members and other corporate credit unions. (3) To obtain liquid funds from other credit union organizations, financial intermediaries and other sources. (4) To 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.
‹ Prev All Pennsylvania sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.