Section 394-B:16 Use of Funds.
While awaiting call of its members for loans, a credit union may make use of its funds as described in and according to the limitations of the following paragraphs:
I. It may deposit its money in any corporate credit union whose shares and deposits are insured by the National Credit Union Administration or other qualified share and deposit insurance fund deemed acceptable by the bank commissioner, and may deposit its money in any cooperative bank, building and loan association, savings bank, trust company, federal savings and loan association or national bank in New England that is insured by either the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation.
II. It may invest up to the insured amount in any cooperative bank, building and loan association, savings bank, trust company, federal savings and loan association, or national bank in the United States, which is insured by either the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation.
III. It may make loans to other credit unions chartered under the laws of this state or federal chartered credit unions located in this state, providing that the lending credit union has assets of $100,000 or more.
IV. It may invest any surplus in obligations of the United States government, including any loans included in the Participation Sales Act of 1966, Public Law 89-429, 80 Stat. 164, or of the state, or of any county, city or town of the state issued pursuant to authority of law.
V. It may invest in securities, obligations, participations, or other instruments of or issued by or fully guaranteed as to principal and interest by the United States or any agency thereof or in any trust or trusts established for investing directly or collectively in the same.
VI. Any credit union with assets of $3,000,000 or more may purchase real estate mortgages secured by real estate wherever situate which are guaranteed by the Federal Housing Administration and may purchase real estate mortgages secured by real estate in this state and in any state which are guaranteed by the United States government through the insured loan program of the Farmer's Home Administration. It may be an originator or participating lender in participating loans as defined in RSA 387:1, provided that its participation in such loans shall be within such limits as are prescribed in RSA 394-B:15.
VII. The board of directors shall establish and maintain a written investment policy which shall be reviewed not less than annually. The board of directors may, by majority vote of such board, delegate investment authority as prescribed in the credit union's written investment policy to a committee established by, or officers designated by, the board for such purpose. All investments will be reviewed in every meeting of the board of directors.
Source. 1983, 195:1, eff. Aug. 14, 1983.