1.  A central credit union may be organized and operated under the provisions of this chapter by any three credit unions incorporated within this state. A central credit union is subject to all provisions not inconsistent with this section and shall use the term ‘central’ in its official name.

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Terms Used In Nevada Revised Statutes 672.850

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.

2.  A central credit union has all the rights and powers of any other credit union organized under this chapter and, in addition, a central credit union may:

(a) Make loans to other credit unions;

(b) Purchase shares and make deposits in other credit unions;

(c) Obtain the assets and liabilities of any credit union operating in this state which enters into liquidation;

(d) Invest in and grant loans to associations of credit unions or organizations chartered to provide exclusive service to credit unions; and

(e) Borrow money from any source and issue notes or debentures.

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