Section 490.112. Corporate credit union; issuance of different classes of shares; priorities upon liquidation; investment in interest rate risk management instruments.

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Rule 2. (1) A corporate credit union may issue different classes of shares that have different priorities upon liquidation, provided the commissioner approves before issue the characteristics of the subordinated shares. Shares subordinated to insured shares and the deposit insurer may be considered a form of capital.

(2) A corporate credit union may, with prior approval of the board of directors and consistent with safe and sound business practices, invest in interest rate risk management instruments for the sole purpose of managing interest rate risk.

History: 2005 AACS.

                    
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