Prudential standards of safety and soundness in operations

(1) A credit union may from time to time borrow monies not exceeding in the aggregate twenty-five per cent of its combined capital and surplus deposits, upon a vote of at least three-fourths of the members of the Board of Directors, and may from time to time borrow monies not exceeding in the aggregate fifty per cent of its combined capital and surplus deposits, upon a vote of three-fourths of the members present, or one-third of the total membership whichever is the greater, taken at an annual meeting of the credit union or at a special meeting called for the purpose, with those voting in support of the resolution representing a majority of the shares issued. (2) The Registrar may authorize the Board of a small capitalized credit union to borrow above the limits stated in sub- section (1), where it is in the interest of members and will not prejudice the growth and operation of the credit union.