26-2108. CORPORATE POWERS. A credit union shall have power to:
(a) Make contracts.
(b) Sue and be sued in the name of the credit union.
(c) Adopt and use a common seal and alter same at pleasure.
(d) Own, hold or use any real property or any interest therein as provided in section 26-2109, Idaho Code.
(e) May require the payment of an entrance or membership fee, not to exceed one dollar ($1.00), of any applicant admitted to membership.
(f) Receive from its members payments on shares and deposits, including the right to conduct Christmas share clubs, vacation clubs, and other such thrift organizations within the membership.
(g) Lend its funds to its members as hereinafter provided.
(h) Purchase insurance on the lives of its members in an amount equal to their respective share and loan balances.
(i) Borrow from any financial institution or individuals in an aggregate amount not to exceed fifty per cent (50%) of its members’ shares and deposits.
(j) May invest any surplus funds in such investments as provided for in this chapter.
(k) Make deposits in federally insured banks and savings and loan companies in Idaho, in state or federally chartered credit unions in Idaho and in the Idaho Corporate Credit Union.
(l) Hold membership in other state or federally chartered credit unions in Idaho, in the Idaho Credit Union League, in the Idaho Corporate Credit Union and in other organizations composed of credit unions approved by the director.
(m) Declare dividends on members’ shares and fix the rates on interest paid on members’ certificates of deposit, nonmembers’ certificates of indebtedness, and other thrift accounts as provided for in this chapter.
(n) Fine members for failure to meet punctually obligations to such credit union.
(o) In the event of default, impress a lien upon the shares and deposits and accumulation of dividends and interest of any member to the extent of any loans made to him directly or indirectly, or on which he is surety and for any dues or charges or fines payable by him; the credit union shall also have the right of setoff with respect to every such account.
(p) Relocate its head office or branches and the location of its books and records upon written notice to the director.
(q) Collect, receive and disburse monies in connection with sales of travelers’ checks, money orders and for such other purposes as may provide convenience or benefit for its members.
(r) Exercise such incidental powers as are necessary to carry on the business for which it is incorporated not inconsistent with the provisions of this chapter.
(s) Form and operate a credit union service corporation as provided in section 26-2147, Idaho Code.
(t) Provide for its members, share and deposit accounts from which the member may withdraw funds by the use of a negotiable instrument.
(u) Participate in systems which allow the transfer of credit union funds or the shares or deposits of members by electronic means and hold membership in automated clearing house associations or corporations.
(v) Sell all or part of its assets to another credit union, to purchase all or part of the assets of another credit union and to assume the liabilities of the selling credit union and those of its members subject to the approval of the director.
History:
[26-2108, added 1977, ch. 213, sec. 2, p. 585; am. 1982, ch. 210, sec. 1, p. 583; am. 1987, ch. 80, sec. 1, p. 152.]