Funds not used in loans to members may be invested:
(1) In securities, obligations or other instruments of or issued by or fully guaranteed as to principal and interest by the United States or any agency thereof or in any trust or trusts established directly or collectively in the same.
(2) In obligations of any state of the United States, the agencies or instrumentalities of the federal government, the District of Columbia, the Commonwealth of Puerto Rico and the several territories organized by Congress, or any political subdivision thereof.
(3) In certificates of deposit or passbook type accounts issued by a state or national bank, mutual savings bank or savings and loan association.
(4) In loans to or in shares or deposits of other credit unions.
(5) In stocks, membership units or other ownership interests in a corporation, limited liability company or mutual association in an amount not to exceed one percent of assets if:
(a) The ownership or membership, as applicable, is primarily confined to credit unions or organizations of credit unions; and
(b) The purposes for which the agency or association is organized are designed primarily to service or otherwise assist credit union operations.
(6) In addition to the limit specified in subsection (5) of this section, in loans to a corporation, limited liability company or mutual association, in an amount not to exceed one percent of assets, if:
(a) The ownership or membership, as applicable, is primarily confined to credit unions or organizations of credit unions; and
(b) The purposes for which the agency or association is organized are designed primarily to service or otherwise assist credit union operations.
(7) In shares of a credit union cooperative society organized under the laws of this state or of the laws of the United States in the total amount not exceeding one percent of the shares, deposits, and surplus of the credit union.
(8) In loans to any credit union association or corporation, national or state, of which the credit union is a member, except that such investments shall be limited to two percent of the assets of the credit union.
(9) In such other investments as approved by the Director of the Department of Consumer and Business Services by rule or order. [1975 c.652 §64; 1987 c.286 §11; 1999 c.185 §48; 2005 c.95 §9]
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