Indiana § 28-7-1-22 Authority to borrow; limits; authority to receive public deposits and
pledge securities

Indiana Statutes

§ 28-7-1-22 — Authority to borrow; limits; authority to receive public deposits and pledge securities

Indiana·Art. 7 SPECIALIZED FINANCIAL INSTITUTIONS·Ch. 1 Credit Unions

(a)A credit union may borrow from any source. The total borrowing of a credit union may not at any time exceed fifty per cent (50%) of the unimpaired shares capital and surplus of the credit union.

(b)A credit union may receive deposits of state and federal public funds, including the right to pledge securities or other assets for the repayment of the deposits if the pledge is permitted by applicable law or regulation. Formerly: Acts 1961, c.182, s.22. As amended by P.L.263-1995, SEC.19; P.L.90-2008, SEC.45; P.L.35-2010, SEC.162.

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(a) A credit union may borrow from any
source. The total borrowing of a credit union may not at any time
exceed fifty per cent (50%) of the unimpaired shares capital and
surplus of the credit union.
(b) A credit union may receive deposits of state and federal public
funds, including the right to pledge securities or other assets for the
repayment of the deposits if the pledge is permitted by applicable law
or regulation.
Formerly: Acts 1961, c.182, s.22. As amended by P.L.263-1995,
SEC.19; P.L.90-2008, SEC.45; P.L.35-2010, SEC.162.

Indiana § 28-7-1-22 (Authority to borrow; limits; authority to receive public deposits and pledge securities) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.