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Nevada Revised Statutes Title 55. Banks and Related Organizations § 672.850. Organization and operation; rights and powers

Current as of January 01, 2025 | Updated by Findlaw Staff

1. A central credit union may be organized and operated under the provisions of this chapter by any three credit unions incorporated within this state. A central credit union is subject to all provisions not inconsistent with this section and shall use the term “central” in its official name.

2. A central credit union has all the rights and powers of any other credit union organized under this chapter and, in addition, a central credit union may:

(a) Make loans to other credit unions;

(b) Purchase shares and make deposits in other credit unions;

(c) Obtain the assets and liabilities of any credit union operating in this state which enters into liquidation;

(d) Invest in and grant loans to associations of credit unions or organizations chartered to provide exclusive service to credit unions; and

(e) Borrow money from any source and issue notes or debentures.

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Cite this article: FindLaw.com - Nevada Revised Statutes Title 55. Banks and Related Organizations § 672.850. Organization and operation; rights and powers - last updated January 01, 2025 | https://codes.findlaw.com/nv/title-55-banks-and-related-organizations/nv-rev-st-672-850/

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