All member credit unions may borrow and invest up to an amount specified by the board of directors of the central credit union in accordance with the limitation of section 21-1791. The central credit union may purchase all or any part of a loan originated by a member credit union to one of its individual members, who does not need to be a member of the central credit union.

Terms Used In Nebraska Statutes 21-1756

  • Credit union: shall mean a cooperative, nonprofit corporation organized under the Credit Union Act for purposes of educating and encouraging its members in the concept of thrift, creating a source of credit for provident and productive purposes, and carrying on such collateral activities as are set forth in the act. See Nebraska Statutes 21-1705
  • Individual: shall mean a natural person. See Nebraska Statutes 21-1711
  • Loan: shall mean any extension of credit pursuant to a contract. See Nebraska Statutes 21-1714
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