The purposes of the corporate credit union are to:

1. (a) accumulate and prudently manage the liquidity of its member credit unions through interlending and investment services;
2. (b) act as an intermediary for credit union funds between members and other corporate credit unions;
3. (c) obtain liquid funds from other credit union organizations, financial intermediaries, and other sources;
4. (d) foster and promote in cooperation with other state, regional, and national corporate credit unions and credit union organizations or associations the economic security, growth, and development of member credit unions;
5. (e) provide payment systems and correspondent services to its members; and
6. (f) perform such other services of benefit to its members which are authorized by the Board of Financial Institutions.

HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.