Arizona Laws 6-592. Purposes; membership
A. The purposes of a corporate credit union are to:
Terms Used In Arizona Laws 6-592
- Corporate credit union: means a credit union whose field of membership consists of other credit unions and organizations or associations owned by or composed of credit unions and corporations or associations that primarily serve credit unions. See Arizona Laws 6-501
- Credit union: means a cooperative nonprofit association that is incorporated under this chapter for the purposes of encouraging thrift among its members and creating a source of credit and other financial services at fair and reasonable cost. See Arizona Laws 6-501
1. Accumulate and prudently manage the liquidity of its member credit unions through inter-lending and investment services.
2. Act as an intermediary for credit union monies between members and other corporate credit unions.
3. Obtain liquid monies from other credit union organizations, financial intermediaries and other sources.
4. Foster and promote in cooperation with other corporate credit unions and credit union organizations or associations the economic security, growth and development of member credit unions.
5. Provide payment systems and correspondent services to its members.
6. Perform other services and provide other benefits for its members as required.
B. Membership in the corporate credit union consists of and is limited to credit unions incorporated under this chapter, the federal credit union act or any other credit union law, organizations or associations owned by or composed of credit unions and corporations or associations which primarily serve credit unions.