{"data":{"id":"us-nc/n.c.-gen.-stat.-54-110.5","jurisdiction":"us-nc","citation":"N.C. Gen. Stat. § 54-110.5","heading":"Powers and privileges.","body":"(a)\tA corporate credit union shall enjoy the powers and privileges of any other credit union incorporated under Chapter 54 of the General Statutes in addition to those powers enumerated in this Article, notwithstanding any limitations or restrictions found elsewhere in this Article.\n(b)\tA corporate credit union may:\n(1)\tAccept shares or deposits in any form from its members, other state, regional or national corporate credit unions, and credit union organizations or associations;\n(2)\tMake loans to its members and other credit unions and other State, regional or national corporate credit unions, organizations and associations of credit unions;\n(3)\tEstablish lines of credit for members and participate with other credit unions in making loans to its members under the terms and conditions determined by the board of directors;\n(4)\tInvest in the shares of or make deposits in credit unions;\n(5)\tBuy and sell any form of marketable debt obligations of domestic or foreign corporations or of federal, state or local government units;\n(6)\tBorrow from any source without limitation, accept demand deposits from any source and issue notes or debentures;\n(7)\tAcquire or sell the assets and assume the liabilities of a member; and\n(8)\tEnter into agreements with credit unions to discount or purchase loans made pursuant to government-guaranteed loan programs, real estate loans made by members or any obligations of the United States or any agency thereof held by members.\n(c)\tA corporate credit union shall not be taxable under any law which shall exempt any other credit union.\n(d)\tThe board of directors shall meet at least quarterly and shall have the general direction and control of the affairs of the corporation.\n(e)\tThe corporate credit union may exercise such incidental powers or privileges conferred upon a federal corporate credit union. (1983, c. 470.)","path":["Chapter 54. Cooperative Organizations.","SUBCHAPTER III. CREDIT UNIONS.","Article 15A. Corporate Credit Union."],"source_url":"https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_54/GS_54-110.5.html","current_through":"S.L. 2026-30","vintage":"","retrieved_at":"2026-08-27T18:05:32Z","sha256":"9643fda5084dd9b42083140efffe1a97c16da24219651ae2d908b26ec4502c91","source_id":"us-nc","stale":false,"prev":"us-nc/n.c.-gen.-stat.-54-110.4","next":"us-nc/n.c.-gen.-stat.-54-110.6"},"notice":"GroundRules: Original legal text. Not legal advice."}