A credit union may have the following additional powers:
(1) To contract for group insurance plans, approved by the state of Missouri, on behalf
of members electing to participate in such insurance programs and to charge a fee
for providing such services;
(2) To exercise such additional powers, with the approval of the director, as federally
chartered credit unions may be authorized under federal statutes; however, this section
shall not apply to field of membership provisions within this chapter;
(3) To hold membership in central credit unions whose field of membership includes
credit unions, and to invest funds in shares of corporations to aid the liquidity
of credit unions;
(4) To act as the fiscal or transfer agent of the United States, of any state, municipality,
or political subdivision and in such capacity to receive and disburse money, to transfer,
register and countersign certificates of stock, bonds and other evidences of indebtedness;
(5) Notwithstanding any other law to the contrary, a credit union may charge initial
and/or recurring membership fees, provided such fees have been approved by a majority
of the membership in attendance at any regular or special meeting or by a mail or
electronic ballot as provided in the credit union bylaws, after notice of the purpose
thereof shall have been mailed or delivered to each member, at least seven days and
no longer than sixty days prior to the date of such meeting. Such membership fees shall not be construed as reserve income but shall be used
at the sole discretion of the board of directors for the benefit of the credit union.
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