La. Rev. Stat. § 6:655
This is the official text of La. Rev. Stat. § 6:655, part of Louisiana’s Rev. Stat — part of the compiled statutory law of Louisiana, published by the state as "Rev. Stat." Browse the sections below, each linked to its official government source.
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Power to borrow
Official statutory text
A. A credit union may borrow from any source, but the total of such borrowing at no time shall exceed fifty percent of its paid in and unimpaired capital and surplus.
B. The limitation in Subsection A of this Section shall not apply to a central or corporate credit union. However, the borrowing limitations of a central or corporate credit union shall be provided for in its bylaws as approved by the commissioner.
Amended by Acts 1954, No. 530, §1; Acts 1983, No. 351, §1.
B. The limitation in Subsection A of this Section shall not apply to a central or corporate credit union. However, the borrowing limitations of a central or corporate credit union shall be provided for in its bylaws as approved by the commissioner.
Amended by Acts 1954, No. 530, §1; Acts 1983, No. 351, §1.
Status: in_force · Read it on the official government site
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