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Powers of central or corporate credit unions - 17 Pa. Cons. Stat. § 502

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     § 502.  Powers of central or corporate credit unions.
        (a)  General rule.--A central or corporate credit union shall
     have the general power to enjoy the powers and privileges of any
     other credit union incorporated under this title in addition to
     those powers enumerated in this section, or otherwise granted to
     corporate or central credit unions, regardless of any
     limitations or restrictions found elsewhere in this title.
        (b)  Special powers.--A central or corporate credit union
     shall have the following special powers to:
            (1)  Accept shares or deposits in any form from its
        members, any credit union chartered under the laws of the
        United States or of any state, including central or corporate
        credit unions, and credit union organizations and
        associations.
            (2)  Make loans to its members, any credit union
        chartered under the laws of the United States or of any
        state, including central or corporate credit unions, and
        credit union organizations or associations.
            (3)  Buy and sell any form of marketable debt obligations
        of domestic or foreign corporations or of Federal, state or
        local government units.
            (4)  Borrow from any source without limitations, accept
        demand deposits from any source and issue notes and
        debentures.
            (5)  Acquire or sell the assets and assume the
        liabilities of a member and to enter into agreements with any
        credit union organized under the laws of the United States or
        any state to discount or purchase loans made pursuant to
        government guaranteed loan programs or real estate loans made
        by any credit union or any obligations of the United States
        or any agency thereof held by any credit union.

        Cross References.  Section 502 is referred to in section 103
     of this title.

Last modified: November 27, 2007