Maine Revised Statutes

§861. Investments in general

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).

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