In addition to the general powers authorized for corporations in Section 79-3-7, a credit union shall have the following specific powers:
It may receive the savings of its members in payment for shares and on deposit and investments by other credit unions on deposit.
It may make loans to members, authorized by the credit committee, and may make loans to other credit unions, committee members and directors, as authorized by the board of directors.
It may invest, through the board of directors, only in accordance with NCUA's rules and regulations, Federal Credit Union Act, and any interpretive rulings issued by the NCUA.
The funds of the credit union shall be used first, however, for loans to members and preference shall be given to the smaller loan in the event the available funds do not permit all loans to be made which have been approved by the credit committee or loans officers.