Pennsylvania Statutes
§ 511 — Power to borrow
(a)General rule.--A credit union may borrow from any source a sum not exceeding 50% of its unimpaired capital, regular reserve, contingency reserves and undivided earnings for the purpose of meeting the demand for loans to members or for the purpose of meeting demands for share withdrawals.
(b)Exception.--A credit union shall not borrow for the purpose of making investments authorized by section 501(b)(7) (relating to powers).
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Legislative History
(Dec. 9, 2002, P.L.1572, No.207, eff. 60 days; June 18, 2014, P.L.754, No.62, eff. 60 days) 2014 Amendment.Act 62 amended subsec. (a).
Nearby Sections
8
§ 510
Loan interest§ 511
Power to borrow§ 512
Loans§ 513
Reserves§ 514
Dividends§ 516
Adverse claims§ 517
Taxation