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HomeFinancial CodeDiv. 5Ch. 4Art. 1§ 14403 Credit Union Property Holdings

§ 14403 Credit Union Property Holdings

Financial Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 14403 Credit Union Property Holdings

This law lets a credit union buy and keep things like furniture, fixtures, and safes—by itself or together with other credit unions—to run its business, and it can sell those items only if everyone who owns them agrees.

Key Takeaways

  • •Credit unions can purchase furniture, fixtures, vaults, and other personal property they need.
  • •They can buy these items alone or together with other credit unions or related groups.
  • •The property can be used in any building the credit union owns or leases, even if the space is rented out to the public.
  • •All owners must agree before the property can be sold.

Example

Two neighboring credit unions decide to share the cost of a new vault and some office desks for their branches.

Because the law allows them to buy the vault and desks together, they can each use the equipment in their own buildings. If they later want to sell the vault, both credit unions must agree to the sale.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 14403 Credit Union Property Holdings

Every credit union may purchase and hold, either individually or jointly with other credit unions or affiliated organizations, furniture, fixtures, vaults, and other personal property necessary or proper to carry on its business, and to equip or furnish any space in any building purchased or held individually or jointly with other credit unions or affiliated organizations under authorization of Section 14402, whether occupied by the credit union or leased to the public. The personal property may be sold, if all the holders of the property join in its sale. (Amended by Stats. 1979, Ch. 811.)

Last verified: January 11, 2026

Key Terms

credit unionpersonal propertyfurniturefixturesvaultsaffiliated organizations

Related Statutes

  • § 14401 Credit Union Borrowing Limits
  • § 14402 Credit Union Property Rights
  • § 14404 Credit Union Investment Limits
  • § 14406 Credit Union Deposit Rules
  • § 14407 Credit Union Shareholder Loss Reduction

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 14403.
View Official Source