1.Applicable law.
In addition to the loans a credit union is authorized to make pursuant to chapter 85, a credit union may invest its funds
in accordance with the provisions of this chapter.
[
1975, c. 500, §1 (NEW)
.]
2.Director approval required.
Investments pursuant to this chapter shall only be made with the approval of the board of directors or executive committee
of the credit union.
[
1975, c. 500, §1 (NEW)
.]
3.Written investment policy.
A credit union's board of directors shall establish a written investment policy, which must be reviewed and ratified at
least annually, that addresses at a minimum the following:
A. Investment quality parameters; [2003, c. 322, §39 (NEW).]
B. Investment mix and diversification; [2003, c. 322, §39 (NEW).]
C. Investment maturities; and [2003, c. 322, §39 (NEW).]
D. Delegation of authority to officers and committees responsible for administering the portfolio. [2003, c. 322, §39 (NEW).]
[
2003, c. 322, §39 (NEW)
.]
SECTION HISTORY
1975, c. 500, §1 (NEW).
2003, c. 322, §39 (AMD).
Data for this page extracted on 10/16/2012 08:19:53.