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- Pennsylvania Consolidated Statutes
- 17 Pa.c.s. Credit Unions
- Chapter 5. Corporate Powers, Duties and Safeguards
17 Pa.C.S. § 511 Power to Borrow
| Library | Pennsylvania Statutes |
| Edition | 2023 |
| Currency | Current through P.A. Acts 2023-66 |
| Year | 2023 |
| Citation | 17 Pa.C.S. § 511 |
(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 undivided 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).
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