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Purposes - 17 Pa. Cons. Stat. § 301

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                                CHAPTER 3
                              INCORPORATION

     Sec.
     301.  Purposes.
     302.  Number and qualifications of incorporators.
     303.  Articles of incorporation.
     304.  Department of Banking consideration of articles.
     305.  Bylaws.

        Enactment.  Chapter 3 was added December 19, 1990, P.L.834,
     No.198, effective in two months.
     § 301.  Purposes.
        (a)  General rule.--A credit union may be incorporated under
     this title for the purpose of promoting thrift among its
     members, creating a source of credit for such members at
     reasonable rates of interest and providing an opportunity for
     its members to use and control their own money on a democratic
     basis in order to improve their economic and social condition.
        (b)  Central or corporate credit unions.--A central or
     corporate credit union formed primarily to serve other credit
     unions, including Federal credit unions and out-of-State credit
     unions, may be incorporated under this title and shall be
     subject to all provisions of this title not inconsistent with
     provisions specifically applicable to central or corporate
     credit unions. The purposes for which a central or corporate
     credit union may be incorporated are:
            (1)  To accumulate and prudently manage the liquidity of
        its member credit unions through interlending and investment
        services.
            (2)  To act as an intermediary for credit union funds
        between members and other corporate credit unions.
            (3)  To obtain liquid funds from other credit union
        organizations, financial intermediaries and other sources.
            (4)  To foster and promote, in cooperation with other
        state, regional and national corporate credit unions and
        credit union organizations or associations, the economic
        security, growth and development of member credit unions.

        Cross References.  Section 301 is referred to in section 103
     of this title.

Last modified: November 27, 2007