Missouri Revised Statutes













Chapter 370

Credit Unions

←370.362

Section 370.365.1

370.366→

August 28, 2015

Central credit union defined--how formed--fee, how determined.

370.365. 1. A "central credit union" is one organized for the primary

purpose of serving other credit unions; except that, where the dollar amount

of shares held by credit unions and associations of credit unions shall fall

below seventy-five percent of the total shareholdings, the director may

suspend the privilege of operating as a central credit union.



2. A central credit union may be chartered in the same manner as are all

other credit unions, except that, the field of membership shall be limited to

credit unions, associations of credit unions and other persons expressly

identified in the bylaws; and further, central credit unions may invest in

the shares of other credit unions including other central credit unions, may

purchase loans from credit unions, may borrow up to five times its capital,

surplus and reserve fund, may lend to each member no more than twenty-five

percent of its assets, and may be required to insure its deposits only when

so ordered by the director.



3. When a central credit union is organized under this section, the

director, in lieu of other fees, shall charge the actual and necessary costs

of examination, not to exceed three thousand dollars, to the central credit

union.



(L. 1977 H.B. 48, A.L. 1978 S.B. 746)







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