Arizona Laws 6-593. Powers of corporate credit union; federal parity
A. A corporate credit union shall enjoy the powers and privileges of any other credit union incorporated under this chapter and in addition may:
Terms Used In Arizona Laws 6-593
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
1. Accept share accounts or deposit accounts from its members, state or federal credit unions, other corporate credit unions and credit union organizations or associations.
2. Make loans to, deposit in or invest in its members, state or federal credit unions and other corporate credit unions.
3. Participate with any state or federal credit union in making loans to members of the corporate credit union or to members of any participating credit union.
4. Act as intermediary for the monies of members, credit unions and other corporate credit unions.
5. Act as agent for members, other credit unions and credit union organizations in paying, receiving and transferring the assets and liabilities received and invested as permitted in this article.
6. Receive and hold in safekeeping the securities and other assets of its members and, in that connection, make such disposition of the assets as may be agreed to or directed by the member.
7. Provide payment systems and correspondent services to its members, nonmember state or federal credit unions, other corporate credit unions and credit union organizations or associations.
B. In addition to all other rights, powers and privileges granted a credit union by section 6-516, a corporate credit union organized under the laws of this state has all of the rights, powers and privileges and is entitled to the same exemptions and immunities as any corporate credit union chartered under the laws of the United States.
C. Except for the provisions of section 6-581, and except as specifically permitted in this article, all provisions of this chapter relating to credit unions shall apply to corporate credit unions.