{"data":{"id":"us-ny/n.y.-cooperative-corporations-law-121","jurisdiction":"us-ny","citation":"N.Y. Cooperative Corporations Law § 121","heading":"Special powers","body":"§ 121. Special powers. Any credit corporation organized under this\nchapter may make loans to members of a cooperative corporation owning in\nwhole or in part the stock of the credit corporation; and no loans shall\nbe otherwise made.  No loans shall be made for more than ten years; nor\nfor other than the agricultural, dairy, or horticultural purposes of the\nborrower. In all cases, there shall be a written statement by the\nborrower in the note, collateral agreement or signed application to the\neffect that the loan will be used only for such purposes; and such\nstatement may be relied upon by the credit corporation. The credit\ncorporation may discount or pledge such note with a federal intermediate\ncredit bank, or other banks or banking institutions, with its guaranty\nor endorsement, if required.\n  A credit corporation may invest its capital funds in bonds or\nobligations of the United States or of any state or municipality, or\nsuch other bonds as are authorized for investment by a savings bank or\nin federal intermediate credit bank obligations, and may deposit or\nhypothecate such securities with a federal intermediate credit bank, or\nother banks or banking institutions, as security for notes discounted by\nit.","path":["Cooperative Corporations Law","Article 7. Provisions As to Credit and Agency Corporations"],"source_url":"https://legislation.nysenate.gov/api/3/laws/CCO/121","current_through":"2026-09-11","vintage":"","retrieved_at":"2026-09-14T19:32:44Z","sha256":"04d0bb85ea8540e20cf57981c6196754d461c951819b2c81e90898d5694315b5","source_id":"us-ny","stale":false,"prev":"us-ny/n.y.-cooperative-corporations-law-120","next":"us-ny/n.y.-cooperative-corporations-law-122"},"notice":"GroundRules: Original legal text. Not legal advice."}