(1) Enter into contracts of any nature including contracts for reinsurance;
Terms Used In Tennessee Code 45-4-1103
Bank: means any person, as hereinafter defined, doing a banking business subject to the laws of this or any other jurisdiction and, for the purposes of supervision, examination and liquidation, includes industrial investment companies and industrial banks authorized by chapter 5 of this title. See Tennessee Code 45-1-103
Code: includes the Tennessee Code and all amendments and revisions to the code and all additions and supplements to the code. See Tennessee Code 1-3-105
Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Person: means an individual, corporation, firm, trust, estate, partnership, joint venture, or association. See Tennessee Code 45-1-103
State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
(2) Sue and be sued;(3) Adopt, use and display a corporate seal;(4) Advance funds in accordance with agreed terms and conditions to aid member credit unions to operate and to meet liquidity requirements;(5) Upon the written direction of the commissioner, or of the appropriate supervisory authority of any credit union that becomes a member under § 45-4-1107(c) or (d), assume control of the property and business of any member credit union and operate the credit union in accordance with any recommendations the commissioner or other authority may offer;(6) Assist in the merger, consolidation or liquidation of credit unions;(7) Receive money or other property from its member credit unions, or any corporation, association or person;(8) Invest its funds in:
(A) Bonds, notes or securities of the federal government or its agencies;(B) Investments authorized under § 35-3-120;(C) Any investment that is lawful for federal credit unions chartered under title 12 of the United StatesCode;(D) Obligations of a territory of the United States, a province of the Dominion of Canada, a subdivision or instrumentality of a state or territory of the United States, an authority organized under state law, an interstate compact or by substantially identical legislation adopted by two (2) or more states; provided, that the obligations are general obligation bonds and are given “Investment Grade” ratings by Moodys Investors Service, Inc. or by Standard and Poor’s Corporation and are bank eligible investments as defined by the comptroller of the currency;(E) Obligations of a corporation chartered by the United States or a state of the United States, doing business in the United States; provided, that the investments do not exceed more than ten percent (10%) of the funds invested by the corporation;(F) Any agency or association organized either as a stock company, mutual association, or membership corporation; provided, that the purposes for which the agency or association is organized are designed to service, aid or otherwise assist credit unions; and(G) Other investments, other than investments in credit unions or central credit unions that are members of the corporation, that are deemed prudent by the directors, but these other investments shall not exceed twenty percent (20%) of the funds of the corporation;(9) Borrow money from any source, upon the terms and conditions that the directors determine, for the purpose of this section;(10) Purchase in its own name, hold and convey property of any nature;(11) Receive by assignment or purchase, from its member credit unions, any property of any nature owned by those member credit unions;(12) Sell, assign, mortgage, encumber or transfer property of any nature; and(13) Adopt and amend bylaws and rules and regulations for carrying out the purposes of this section.
