1. (a)

   1. (1) Subject to the provisions of paragraph (2) of this subsection, a credit union may borrow money for the purchase of fixed assets.

   2. (2) The term of the loan may not exceed:

      1. (i) 15 years for borrowings secured by real or leasehold property; and
      2. (ii) 5 years for borrowings secured by other fixed assets.

2. (b) A credit union may borrow money for a purpose other than the purchase of fixed assets as long as the total borrowing does not exceed the greater of:

   1. (1) Two times the net worth of the borrowing credit union; or
   2. (2) 10% of the total assets of the borrowing credit union.

Added as Financial Institutions § 6-604 by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1996, c. 326, § 2, eff. July 1, 1996. Renumbered as Financial Institutions § 6-708 and amended by Acts 2001, c. 147, § 1, eff. Oct. 1, 2001; Acts 2001, c. 148, § 1, eff. Oct. 1, 2001.

Formerly Art. 11, § 161.