A credit union shall have power to:
(1) Make contracts;
(2) Sue and be sued in the name of the credit union;
(3) Adopt and use a common seal and alter it at pleasure;
(4) Purchase, hold, and dispose of property necessary or incidental to its operations;
(5) Require the payment of an entrance or membership fee by any applicant admitted to membership;
(6) Receive from its members payments on shares, which shall include the right to conduct Christmas clubs, vacation clubs, and other such thrift organizations within the membership;
(7) Lend its funds to its members as provided in this chapter;
(8) Purchase insurance on the lives of its members in an amount equal to their respective share and loan balances or any or all of them;
(9) Borrow from any source in an aggregate amount not exceeding sixty percent (60%) of the share balances;
(10) Invest surplus funds as provided in this chapter;
(11) Make deposits in checking or similar type of accounts in state-chartered and federally chartered banks, savings and loan associations, savings banks, and credit unions, which accounts are insured by the Federal Deposit Insurance Corporation, Federal Savings and Loan Insurance Corporation [abolished], or the National Credit Union Administration;
(12) Hold membership in other credit unions organized under this chapter or other acts, in the Arkansas Credit Union League, and in other organizations composed of credit unions;
(13) Declare dividends as provided in this chapter;
(14) Impress a lien upon the shares and accumulation of dividends and interest of any member to the extent of any loans made to him or her directly or indirectly, or on which he or she is surety, and for any dues or charges payable by him or her;
(15) Change its place of business in Arkansas with written notice to the State Credit Union Supervisor; and
(16) Exercise the powers granted corporations organized under the laws of Arkansas and such additional incidental powers as may be necessary or requisite to enable it to promote and effectively carry on its purposes.