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Current as of January 01, 2025 | Updated by Findlaw Staff
(a) Except as expressly prohibited or limited by this chapter, a credit union shall have the power to issue shares, solicit, accept and hold deposits, and engage in any activities which are usual or incidental to the business of a credit union. In addition to the powers mentioned elsewhere in this article, a credit union may:
(1) Enter into contracts of any nature;
(2) Sue and be sued;
(3) Adopt, use and display a common seal;
(4) Acquire, lease, hold, assign, pledge, hypothecate, sell, or otherwise dispose of property, either in whole or in part, necessary or incidental to its operations;
(5) Offer to its members, public unit accounts and other credit unions, shares, share certificates, share drafts, deposits, as provided in this article;
(6) Make loans and extensions of credit of any kind, whether unsecured or secured by real or personal property of any kind or description;
(7) Borrow from any source within or without the State; provided that a credit union shall notify the commissioner in writing of its intention to borrow in excess of an aggregate of fifty per cent of its capital;
(8) Discount or sell any of the credit union's assets, and purchase the assets of another credit union;
(9) Offer related financial services, including, but not limited to, electronic fund transfers, safe deposit boxes, leasing and correspondent arrangements with other financial institutions;
(10) Hold membership in other credit unions organized under this or other laws, in service centers, and in associations and organizations controlled by or fostering the interests of credit unions, including a central liquidity facility organized under state or federal law;
(11) Engage in activities and programs as requested by any governmental unit, subject to approval by the board of directors and not inconsistent with this article;
(12) Act as fiscal agent for and receive payments on share and deposit accounts from a governmental unit;
(13) Make contributions to any nonprofit civic, charitable or service organizations; and
(14) Make investments as permitted under this article.
(b) A credit union may exercise all incidental powers that are necessary or requisite to enable it to effectively carry out its purposes.
Cite this article: FindLaw.com - Hawaii Revised Statutes Division 2. Business § 412:10-200 - last updated January 01, 2025 | https://codes.findlaw.com/hi/division-2-business/hi-rev-st-sect-412-10-200/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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