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1940 Op. Mo. Att'y Gen. 1 (1940)

handle is hein.sag/sagmo0090 and id is 1 raw text is: 

CREDIT UkILLS:  Authorized to  invest funds under provisions
                of Section 5598a,  Laws or 1issouri, 1939,
                page 217,



                January   2, 1940




YEr. iubsell _zaloney
Commissioner of  'curities
Jefferson City, hissouri


Dear br.  aloney:

     ;ie wlah to acknowledge receipt of your letter of
recent date wherein  you state as follows;


        o  wish to  call your attention to a nat-
        ter which  concerns the power of oredit
        unions in making  investments in aeouri-
        ties,    ection bOB2, t, S. of  iAssouri,
        1929, paragraph  3, recites the following
        poweras

        'It may  inveat, througL its board of di-
        rectors,  in the bonds of the United
        states, of any  state thereof or of any
        municipality,  the bonds of which munici-
        pality are legal  l.vestments for savings
        banks  in the State of 1-isouri,'

        'he Sixtieth  General ,asenbly re-enacted
        ection   5398 as ' ction 898-,   on page
        271 of  the  'esalon Acts of 1939, wlich
        seems  to give credit unions the right
        to invest  in stocks, shares or accounts
        of  _iuilding and .oan Associations, under
        certain    rounstances, includia  the pro-
        viso,  that such shares must be insured by
        the Federal  Savings and Loan Insurance
        Corporation.

        Section  5OU2 doea not seen to have been
        ar:ended or repealed, and the question
        arises as  to whether or not credit unions
        may  invest in the securities described
        in Section  5598-a, of the 1939 Seasion
        Acts.


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