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Power to borrow - 17 Pa. Cons. Stat. § 511

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     § 511.  Power to borrow.
        (a)  General rule.--A credit union may borrow from any source
     a sum not exceeding 50% of its unimpaired capital, regular
     reserve, contingency reserves and retained earnings for the
     purpose of meeting the demand for loans to members or for the
     purpose of meeting demands for share withdrawals.
        (b)  Exception.--A credit union shall not borrow for the
     purpose of making investments authorized by section 501(b)(7)
     (relating to powers).
     (Dec. 9, 2002, P.L.1572, No.207, eff. 60 days)

        2002 Amendment.  Act 207 amended subsec. (a).

Last modified: November 27, 2007