California Financial Code

§ 14659

FIN § 14659 Effective Jan 1, 2019Div. 5 · Ch. 4 · Art. 6

Statute text

(a)A credit union that is investing to fund an employee benefit plan obligation may purchase an investment that would otherwise be impermissible if the investment is directly related to the credit union’s obligation or potential obligation under the employee benefit plan and the credit union holds the investment only for as long as it has an actual or potential obligation under the employee benefit plan.

(b)For purposes of this section, specific authorization pursuant to Section 14653.5 is not required.

Legislative history

Added by Stats. 2018, Ch. 267, Sec. 4. (AB 2862) Effective January 1, 2019.