Minn. R. agency 120, ch. 2675, CREDIT UNIONS, pt. 2675.6270
During the period in which investments are carried on a credit union's books, original invoices of bond purchases and sales must be retained as a part of the records of a credit union.
A record must be maintained of all securities bought and sold showing date of purchase or sale, interest rate, maturity, par value, description, from whom purchased, to whom sold, selling price, and where deposited for safekeeping.
Any investment, other than United States governments direct and/or guaranteed, must be supported by full credit information at the time of purchase (dealer's circular or prospectus).
Purchase of a bond at a price exceeding par is prohibited, unless the credit union shall:
Accrued interest paid on securities must be charged to interest received under the cash basis of accounting. Bond commissions and all costs of sales or purchase must be charged to expense.
Upon the purchase of a security at a price less than par, the credit union shall place the security on its books at cost and may provide for the regular accretion of the discount, ratably over the period from purchase to maturity of the security.
Minn. R. agency 120, ch. 2675, CREDIT UNIONS, pt. 2675.6270
Statutory Authority: MS s 46.01