Maine § 9-B §862 Deposits, notes and bonds

Maine Statutes

§ 9-B §862 — Deposits, notes and bonds

Maine·Title 9-B FINANCIAL INSTITUTIONS·Part 8 CREDIT UNIONS·Ch. 86 INVESTMENTS

A credit union may invest in:

1.Deposits in insured institutions. Deposits or share accounts in any financial institution or credit union, as long as deposits or shares in the financial institution or credit union are insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration;

2.Legal investments for savings banks. 2-A. Other legal investments for credit unions. A credit union may legally invest in the following.

3.Notes of liquidating credit union; limitation. The purchase of notes from a liquidating credit union; provided that such purchase shall not exceed 5% of the purchasing credit union's share capital and surplus; and

4.Sale of assets.

5.Federal Home Loan Bank and National Credit Union Administration Central Liquidity Facility membership. A

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A credit union may invest in:
1.
Deposits in insured institutions.
Deposits or share accounts in any financial institution or credit union, as long as deposits or shares in the financial institution or credit union are insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration;
2.
Legal investments for savings banks.
2-A.
Other legal investments for credit unions.
A credit union may legally invest in the following.
3.
Notes of liquidating credit union; limitation.
The purchase of notes from a liquidating credit union; provided that such purchase shall not exceed 5% of the purchasing credit union's share capital and surplus; and
4.
Sale of assets.
5.
Federal Home Loan Bank and National Credit Union Administration Central Liquidity Facility membership.
A credit union may become a member and stockholder of the following:
This section may not be construed to authorize a credit union to purchase or invest in the stock of any corporation, except for the purchase of stock in the Federal Home Loan Bank or the National Credit Union Administration Central Liquidity Facility for purposes of establishing membership in those systems.

Maine § 9-B §862 (Deposits, notes and bonds) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

PL 1975, c. 500, §1 (NEW). PL 1979, c. 429, §13 (AMD). PL 1983, c. 51, §§9-11 (AMD). PL 1985, c. 533, §§1,2 (AMD). PL 1987, c. 405, §§32,33 (AMD). PL 1991, c. 386, §§24,25 (AMD). PL 1995, c. 512, §§4,5 (AMD). PL 1997, c. 398, §L11 (AMD). PL 2001, c. 211, §20 (AMD). PL 2003, c. 322, §40 (AMD). RR 2025, c. 1, Pt. D, §41 (COR).