What categories of activities are preapproved as incidental powers necessary or requisite to carry on a credit union's business?

CFR · 2024-01-01 · US · Title 12

The categories of activities in this section are preapproved as incidental to carrying on your business under § 721.2. The examples of incidental powers activities within each category are provided in this section as illustrations of activities permissible under the particular category, not as an exclusive or exhaustive list. (a) (b)(1) (2) (i) (ii) (iii) (iv) (A) Provide that the CDA will make charitable contributions and donations only to charities you name therein that are exempt from taxation under section 501(c)(3) of the Internal Revenue Code; (B) Document the investment strategies and risk tolerances the CDA trustee or other manager must follow in administering the account; (C) Provide that you will account for all aspects of the CDA, including distributions to charities and liquidation of the account, in accordance with generally accepted accounting principles; and (D) Indicate the frequency with which the trustee or manager of the CDA will make distributions to qualified charities as provided in paragraph (b)(2)(v) of this section; (v) (vi) (vii) (A) (B) (C) (D) (E) (c) (d) (e) (f) (g) (h) (i) (j) (k) (l) (m)

official document · source cfr-2024 · id 12:§ 721.3