Rhode Island General Laws 19-5-16. Maximum aggregate liability of one person or company
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A credit union shall not permit any person or entity to borrow or guaranty, directly or indirectly, an amount(s), in the aggregate, that exceeds one percent (1%) of its total assets or twenty percent (20%) of the total unimpaired capital, whichever is greater. This limit shall not apply to a loan or loans secured by pledged shares or deposits in the credit union.
History of Section.
P.L. 1995, ch. 82, § 43.
Terms Used In Rhode Island General Laws 19-5-16
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6