Skip to Navigation | Skip to Main Content | Skip to Site Map

MyFloridaHouse.gov | Mobile Site

Senate Tracker: Sign Up | Login

The Florida Senate

2003 Florida Statutes

Section 657.068, Florida Statutes 2003

657.068  Central credit unions.--

(1)  Any directors of seven credit unions organized pursuant to this chapter or organized pursuant to federal law and operating in this state may, with the authorization of their boards of directors, apply for a certificate to operate as a central credit union in the manner provided by s. 657.005 and shall operate as a credit union in accordance with this chapter. Such credit union shall use the name "central" in its name.

(2)  Membership in a central credit union shall be limited to:

(a)  Credit unions organized and operating under this 1part or any other credit union act;

(b)  Officers, directors, committee members, and employees of such credit unions, and officials and employees of any association of credit unions;

(c)  Organizations and associations of those persons or organizations set forth in paragraph (a) or paragraph (b);

(d)  Residents of this state having a limited field of membership who have applied to the office to organize a credit union and have been denied on grounds other than those set forth in s. 657.005(6);

(e)  Residents of this state having a limited field of membership, if their application for membership is approved by the board of directors of the central credit union and by the office;

(f)  Persons in the field of membership of liquidated credit unions or of credit unions which have entered into or are about to enter into voluntary or involuntary liquidation proceedings; and

(g)  Members of the immediate families of all members qualified above.

(3)  Each credit union or other organization becoming a member of a central credit union may designate one person to be its voting representative in any membership meeting. That person shall be designated by the board of directors of the member credit union or other organization. Such voting representatives shall be eligible to hold office in the central credit union as if such person were himself or herself a member of the central credit union.

(4)  A central credit union shall have all the powers of any credit union organized under this 1part and shall have the following powers, notwithstanding any limitations or restrictions herein:

(a)  A central credit union may make loans to other credit unions, purchase shares of and make deposits in other credit unions, and obtain or acquire the assets and liabilities of any credit union operating in this state which liquidates, provided such assets are otherwise eligible for investment by the acquiring credit union.

(b)  A central credit union may invest in and grant loans to associations of credit unions, central funds of credit unions, or organizations chartered to provide services to credit unions.

(5)  Nothing in this section shall operate to remove from membership any person who, or organization which, is presently a member of any central credit union.

History.--ss. 1, 6, ch. 80-258; ss. 2, 3, ch. 81-318; s. 1, ch. 91-307; ss. 1, 101, ch. 92-303; s. 538, ch. 97-102; s. 1759, ch. 2003-261.

1Note.--Chapter 657 is no longer divided into parts; former part II was repealed by s. 1978, ch. 2003-261.