(a) Except as expressly prohibited or limited by this chapter, a credit union shall have the power to issue shares, solicit, accept and hold deposits, and engage in any activities which are usual or incidental to the business of a credit union. In addition to the powers mentioned elsewhere in this article, a credit union may:

Terms Used In Hawaii Revised Statutes 412:10-200

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Capital: means :

    (1) The aggregate par value or other amount received and allocated to the issued and outstanding capital stock of a financial institution; or

    (2) The total amount of a credit union's outstanding and unimpaired membership shares or share accounts. See Hawaii Revised Statutes 412:1-109

  • Commissioner: means the commissioner of financial institutions of this State. See Hawaii Revised Statutes 412:1-109
  • deposits: means money or its equivalent received or held by a person in the usual course of business and for which it has given or is obligated to give credit, either conditionally or unconditionally, to a demand, checking, savings, time, passbook, negotiable order of withdrawal, thrift, or share account, or which is evidenced by its passbook, certificate of deposit, thrift certificate, investment certificate, certificate of indebtedness, or other similar instrument, or a check, draft, or share draft drawn against a deposit account and certified by a person, on which the person is primarily liable. See Hawaii Revised Statutes 412:1-109
  • Federal: means belonging to, part of, or related to the government of the United States of America. See Hawaii Revised Statutes 412:1-109
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Loans and extensions of credit: includes a contractual commitment to advance funds. See Hawaii Revised Statutes 412:1-109
  • Personal property: All property that is not real property.
(1) Enter into contracts of any nature;
(2) Sue and be sued;
(3) Adopt, use and display a common seal;
(4) Acquire, lease, hold, assign, pledge, hypothecate, sell, or otherwise dispose of property, either in whole or in part, necessary or incidental to its operations;
(5) Offer to its members, public unit accounts and other credit unions, shares, share certificates, share drafts, deposits, as provided in this article;
(6) Make loans and extensions of credit of any kind, whether unsecured or secured by real or personal property of any kind or description;
(7) Borrow from any source within or without the State; provided that a credit union shall notify the commissioner in writing of its intention to borrow in excess of an aggregate of fifty per cent of its capital;
(8) Discount or sell any of the credit union’s assets, and purchase the assets of another credit union;
(9) Offer related financial services, including, but not limited to, electronic fund transfers, safe deposit boxes, leasing and correspondent arrangements with other financial institutions;
(10) Hold membership in other credit unions organized under this or other laws, in service centers, and in associations and organizations controlled by or fostering the interests of credit unions, including a central liquidity facility organized under state or federal law;
(11) Engage in activities and programs as requested by any governmental unit, subject to approval by the board of directors and not inconsistent with this article;
(12) Act as fiscal agent for and receive payments on share and deposit accounts from a governmental unit;
(13) Make contributions to any nonprofit civic, charitable or service organizations; and
(14) Make investments as permitted under this article.
(b) A credit union may exercise all incidental powers that are necessary or requisite to enable it to effectively carry out its purposes.

  Previous
Next  
 Part II Contents