Section 861 - Investments in general1.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).]
1975, c. 500, § 1 (NEW) . 2003, c. 322, § 39 (AMD) .