(1) make contracts;

(2) sue and be sued;

(3) adopt and use a common seal and alter such seal at pleasure;

(4) purchase, hold, and dispose of property necessary or incidental to its operations;

(5) establish, acquire, invest or participate in, or utilize a credit union service organization;

(6) subject to the approval of the Commissioner, contract with another credit union or credit unions for office or agency services or to provide those services to the customers of that credit union;

(7) subject to the approval of the Commissioner, purchase the assets of another credit union or sell all or substantially all of its assets to another credit union;

(8) offer related financial services to its members, including electronic financial services, safe deposit boxes, negotiable instruments, leasing, and correspondent arrangements with other financial institutions, and charge a reasonable fee for such services;

(9) hold membership in other credit unions organized under the laws of this State, the laws of the United States, or the laws of another state or territory of the United States and in associations and organizations;

(10) make reasonable contributions to any nonprofit civic, charitable, or service organization;

(11) require the payment of an entrance fee or annual membership fee, or both, of any person admitted to membership, pursuant to resolution of the governing body;

(12) receive savings from its members in the form of shares and honor requests for withdrawals or transfers of all or any part of member share accounts, in any manner approved by the governing body;

(13) lend funds to its members;

(14) Subject to rules adopted by the Commissioner, sell at a discount any obligations owed to the credit union;

(15) invest surplus funds, subject to the provisions of section 32104 of this title;

(16) Invest in shares of other credit unions and make deposits in other financial institutions, provided such credit union or financial institution is federally insured;

(17) assess fees and charges to members subject to applicable laws and regulations, for failure to meet promptly their obligations to the credit union;

(18) declare and pay dividends on various types of share accounts, pay interest on deposit accounts held by a community development credit union, and pay interest refunds to borrowers;

(19) subject to applicable state and federal laws and regulations, including applicable insurance laws, act as the agent for any fire, life, accident, health, credit life, disability or other insurance company, other than a title insurance company, authorized by the State of Vermont, by soliciting and selling insurance and collecting premiums on policies issued by such company; and receive for services so rendered such fees or commissions as may be agreed upon by the credit union and the insurance company for which it may act as agent; provided, however, that no such credit union shall in any case assume or guaranty the payment of any premium on insurance policies issued through its agency by its principal; and provided further that the credit union shall not guaranty the truth of any statement made by an insured in filing his or her application for insurance;

(20) purchase and maintain insurance on behalf of any person who is or was a director, officer, employee, or agent of the credit union, or who is or was serving at the request of the credit union as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, or other enterprise, against any liability asserted against such person and incurred by such person in any such capacity or arising out of such person's status as such, whether the credit union would have the power to indemnify such person against such liability;

(21) enter into lease agreements, lease contracts, and lease-purchase agreements with members;

(22) indemnify and limit the personal liability of volunteers;

(23) enter into marketing arrangements and joint ventures to facilitate its members' voluntary purchase of goods, insurance, and other services from third parties. A credit union may be compensated for services so provided;

(24) borrow an aggregate amount not exceeding 20 percent of its assets, and borrow amounts in excess of 20 percent, but not in excess of 50 percent of its assets, if prior written approval has been given by the Commissioner;

(25) with the approval of the Commissioner, maintain one or more offices other than the principal place of business as may be necessary to conduct the affairs of the credit union;

(26) accept payment for any electric, electric distribution, gas, water, or telephone company or other utility company operating within this State in receiving money due such company for utility services furnished by it;

(27) provide loan processing, loan servicing, member check and money order cashing services, disbursement of share withdrawals and loan proceeds, money orders, internal audits, automated teller machine services, and other similar services to other Vermont credit unions, federal credit unions, and out-of-state credit unions; and

(28) exercise other powers and actions as authorized under this part of this title or as authorized by regulation of the Commissioner.