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.

Terms Used In Nevada Revised Statutes 672.850 v2

  • 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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