Idaho Code 26-2170 – Definition, Purpose and Restrictions, Idaho Corporate Credit Union
Current as of: 2023 | Check for updates
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(a) The Idaho corporate credit union is a cooperative nonprofit corporate entity which can assist credit unions in meeting their investment and borrowing needs, assist credit unions in the sound management of their liquid assets and serve as a financial intermediary for credit unions.
(b) Any person, corporation, copartnership or association, except a corporate credit union organized under the provisions of this chapter, or the Federal Credit Union Act, using a name or title containing the words "corporate credit union" or any derivation thereof or representing themselves as a corporate credit union shall be fined not more than one thousand dollars ($1,000), or imprisoned not more than one (1) year or both and may be permanently enjoined from using such words in its name.
Terms Used In Idaho Code 26-2170
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Credit union: means a cooperative nonprofit corporation chartered under the provisions of this chapter. See Idaho Code 26-2104
- person: includes a corporation as well as a natural person;
Idaho Code 73-114