N.Y. Coop. Corp. Law § 121 Special Powers

• Library: New York Statutes
• Edition: 2023
• Currency: Current through 2023 NY Law Chapter 777
• Year: 2023
• Citation: N.Y. Coop. Corp. Law § 121

Any credit corporation organized under this chapter may make loans to members of a cooperative corporation owning in whole or in part the stock of the credit corporation; and no loans shall be otherwise made. No loans shall be made for more than ten years; nor for other than the agricultural, dairy, or horticultural purposes of the borrower. In all cases, there shall be a written statement by the borrower in the note, collateral agreement or signed application to the effect that the loan will be used only for such purposes; and such statement may be relied upon by the credit corporation. The credit corporation may discount or pledge such note with a federal intermediate credit bank, ...