North Carolina Administrative Code
Title 04 - COMMERCE
Chapter 06 - CREDIT UNION DIVISION
Subchapter C - CREDIT UNIONS
Section .0300 - BASIC INTERNAL CONTROLS: ACCOUNTING PROCEDURES AND OPERATION STANDARDS FOR STATE-CHARTERED CREDIT UNIONS
Section 06C .0308 - BORROWING LIMITATIONS
Universal Citation: 04 NC Admin Code 06C .0308
Current through Register Vol. 39, No. 6, September 16, 2024
No credit union may borrow funds from any source in excess of 50 percent of its unimpaired capital without the written approval of the Administrator. Nonmember deposit accounts are considered to be borrowed funds.
Authority
G.S.
54-109.12;
Eff. February 1,
1976;
Readopted Eff. April 4, 1978;
Pursuant to
G.S.
150B-21.3A, rule is necessary without
substantive public interest Eff. September 6,
2016.
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