17 Pennsylvania Consolidated Statutes Chapter 5 - Corporate Powers, Duties And Safeguards

• Chapter Notes
• Section 501 - Powers
  (a) General rule.--A credit union shall have the following general powers: (1) To continue as a corporation for the time specified in its articles...
• Section 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...
• Section 503 - Regulation By Department
  (a) General rule.--Credit unions shall be under the supervision of the department. The department is hereby authorized and empowered to issue general rules and...
• Section 504 - Fiscal Year
  The fiscal year of all credit unions shall end on December 31 of each year.
• Section 505 - Capital And Shares
  (a) General rule.--The capital of a credit union shall consist of the payments that have been made to it on shares. (b) Automatic lien.--The...
• Section 506 - Joint Accounts
  (a) General rule.--Whenever shares of a credit union shall be issued in the names of two or more persons, the credit union shall not...
• Section 507 - Minority And Trust Accounts
  (a) General rule.--Shares may be issued and payments on subscribed shares received in the name of a minor, or in trust, in such manner...
• Section 508 - Estate Accounts
  (a) General rule.--In the absence of a written agreement or document to the contrary, the assets in the account of a deceased member shall...
• Section 509 - Fees And Charges
  (a) Entrance fees.--A credit union may charge an entrance fee of an amount, not in excess of $1, as may be provided by the...
• Section 510 - Loan Interest
  (a) General rule.--Interest rates on loans made by a credit union to its members shall not exceed the interest rates and finance charges permissible...
• Section 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...
• Section 512 - Loans
  (a) Loans to members only.--Except as otherwise provided in this title, a credit union may make loans to its members only. (b) Loans subject...
• Section 513 - Reserves
  (a) General rule.--Each credit union shall establish and maintain a regular reserve account to the same extent and in the same manner as required...
• Section 514 - Dividends
  (a) General rule.--The board of directors of a credit union or the members on recommendation of the board of directors, whichever the bylaws provide,...
• Section 515 - Rights And Liabilities Of Terminating Members
  All amounts paid on shares of an expelled or withdrawing member, with any dividends accredited thereto to the date thereof, shall, as funds become...
• Section 516 - Adverse Claims
  (a) General rule.--Notice to a credit union or Federal credit union of an adverse claim against shares standing in the name of any member...
• Section 517 - Taxation
  A credit union incorporated under or subject to this title shall be deemed an institution for savings, and its assets, together with all the...

Last modified: October 8, 2016