{"data":{"id":"us-ky/krs-286.6-075","jurisdiction":"us-ky","citation":"KRS 286.6-075","heading":"General powers of credit union.","body":"A credit union organized under this subtitle may:\n(1) Make contracts;\n(2) Sue and be sued;\n(3) Adopt and use a common seal and alter same;\n(4) Acquire, lease, hold, assign, pledge, hypothecate, sell and otherwise dispose of\nproperty, either in whole or in part, necessary or incidental to its operations;\n(5) Offer its members and other credit unions various classes of shares, share\ncertificates, deposits or deposit certificates, upon written authorization of the\ncommissioner;\n(6) Lend its funds to its members as hereinafter provided;\n(7) Borrow from any source provided that a credit union must secure approval from the\ncommissioner in writing of its intention to borrow in excess of an aggregate of forty\npercent (40%) of its capital;\n(8) Discount or sell any of  its assets, and purchase the assets of another credit union,\nsubject to the approval of the commissioner;\n(9) Make deposits in legally chartered banks, savings banks, savings and loan\nassociations, trust companies, and other credit unions, including corpo rate credit\nunions, and invest funds as otherwise provided in KRS 286.6-585;\n(10) Hold membership in other credit unions organized under this subtitle or other acts,\nand in associations and organizations controlled by or fostering the interests of\ncredit unions, including a central liquidity facility organized under state or federal\nlaw;\n(11) Engage in activities and programs as requested by the federal government or by this\nstate or any agency or political subdivision thereof, when approved by the\ncommissioner and not inconsistent with this subtitle; and\n(12) Act as fiscal agent for and receive payments on shares and deposits from the federal\ngovernment, this state, or any agency or political subdivision thereof.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=14761","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:13Z","sha256":"e4ef37d88c8f7a1d10164c571a068159afb4f676be81cf1d218dcaa091a5b9e4","source_id":"us-ky","stale":false,"prev":"us-ky/krs-286.6-070","next":"us-ky/krs-286.6-085"},"notice":"GroundRules: Original legal text. Not legal advice."}