KRS 286.6-075: General powers of credit union.

A credit union organized under this subtitle may:

(1) Make contracts;

(2) Sue and be sued;

(3) Adopt and use a common seal and alter same;

(4) Acquire, lease, hold, assign, pledge, hypothecate, sell and otherwise dispose of

property, either in whole or in part, necessary or incidental to its operations;

(5) Offer its members and other credit unions various classes of shares, share

certificates, deposits or deposit certificates, upon written authorization of the

commissioner;

(6) Lend its funds to its members as hereinafter provided;

(7) Borrow from any source provided that a credit union must secure approval from the

commissioner in writing of its intention to borrow in excess of an aggregate of forty

percent (40%) of its capital;

(8) Discount or sell any of its assets, and purchase the assets of another credit union,

subject to the approval of the commissioner;

(9) Make deposits in legally chartered banks, savings banks, savings and loan

associations, trust companies, and other credit unions, including corpo rate credit

unions, and invest funds as otherwise provided in KRS 286.6-585;

(10) Hold membership in other credit unions organized under this subtitle or other acts,

and in associations and organizations controlled by or fostering the interests of

credit unions, including a central liquidity facility organized under state or federal

law;

(11) Engage in activities and programs as requested by the federal government or by this

state or any agency or political subdivision thereof, when approved by the

commissioner and not inconsistent with this subtitle; and

(12) Act as fiscal agent for and receive payments on shares and deposits from the federal

government, this state, or any agency or political subdivision thereof.