TITLE XXXV BANKS AND BANKING; LOAN ASSOCIATIONS; CREDIT UNIONS
CHAPTER 383-E CREDIT UNION ACT
ARTICLE 5 Directors and Officers
Section 383-E:5-508
383-E:5-508 Borrowing. –
The board of directors at any regular or special meeting may, by majority vote, authorize borrowing of specified amounts of money. At no time may the total borrowing exceed 30 percent of its total paid-in shares and deposits, guaranty fund, and undivided earnings without approval of the commissioner.