808 KAR 3:060. Investment authority of state-chartered credit unions.

 

      RELATES TO: KRS 290.095, 290.585

      STATUTORY AUTHORITY: KRS 290.095

      NECESSITY, FUNCTION, AND CONFORMITY: To authorize state-chartered credit unions to exercise the same investment authority as is conferred upon federal credit unions.

 

      Section 1. (1) State-chartered credit unions may invest their funds in any investment which is permissible for a federally chartered credit union.

      (2) The investment authority of federally chartered credit unions is set out in 12 USC 1757, as amended, and in 12 CFR Part 701 as amended.

      (3) Any state-chartered credit union which seeks to make investments pursuant to the authority of this administrative regulation shall maintain at all times, at its main office, an updated copy of the applicable federal credit union laws and regulations as set out in subsection (2) of this section. (13 Ky.R. 607; eff. 10-2-86.)