Wisconsin Statutes 186.325 – National corporate central credit union
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Terms Used In Wisconsin Statutes 186.325
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- Officers: when applied to corporations include directors and trustees. See Wisconsin Statutes 990.01
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- State: when applied to states of the United States, includes the District of Columbia, the commonwealth of Puerto Rico and the several territories organized by Congress. See Wisconsin Statutes 990.01
(1) Criteria. A corporate central credit union is a national corporate central credit union if all of the following conditions are met:
(a) Its membership consists of any of the following:
1. Central or corporate central credit unions that are organized under the laws of this state or another state or under federal law.
2. Officers and directors of the qualifying corporate central credit union.
3. Organizations operated primarily to service and otherwise assist credit union operations.
(b) Its membership does not include any of the following:
1. Credit unions other than those under par. (a) 1.
2. Individuals other than those under par. (a) 2.
(c) At least 75 percent of its savings and deposits are derived from members under par. (a) 1. and the remainder of its savings and deposits are derived from members under par. (a) 2. and 3.
(2) Borrowing limits. The borrowing limits under s. 186.112 do not apply to a national corporate central credit union.