17 Pa. C.S. § 511

Current through 2024 legislation effective May 8, 2024
Section 511 - Power to borrow
(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).

17 Pa.C.S. § 511

Amended by P.L. 754 2014 No. 62, § 2, eff. 8/17/2014.
1990, Dec. 19, P.L. 834, No. 198, § 302, effective in two months. Amended 2002, Dec. 9, P.L. 1572, No. 207, § 5, effective in 60 days.