AZ Rev Stat § 6-577 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-577 - Authorized investments

6-577.  Authorized investments A. Monies not used in loans to members may be invested in: 1. Securities,  obligations or other instruments of or issued by or fully guaranteed as to principal and interest by the United States or any agency or instrumentality of the United States or in any trust or mutual fund established for investing directly or collectively in the same. 2. Securities,  obligations or other instruments,  whose payment is guaranteed by the general taxing authority of the issuer,  of any state of the United States or any political subdivision of a state of the United States,  and on approval of the deputy director,  the District of Columbia,  the Commonwealth of Puerto Rico and the several territories organized by Congress or any political subdivision thereof. 3. Deposits of federally insured financial institutions organized under state or federal law. 4. Loans to or share accounts or deposit accounts of other credit unions or corporate credit unions organized under state or federal law. 5. Deposits in,  loans to or shares of any federal reserve bank,  federal home loan bank or central liquidity facility established under state or federal law. 6. Shares,  obligations or preferred stock issues of any agency or association organized either as a stock company,  mutual association or membership corporation,  if the membership or stock holdings of such agency or association are primarily confined or restricted to credit unions or organizations of credit unions and the purpose for which such agency or association is organized is to service or otherwise assist credit union operations. 7. Stocks,  bonds or other obligations of corporations organized in any state of the United States,  the District of Columbia,  the Commonwealth of Puerto Rico and the several territories organized by Congress and in securities,  obligations or other instruments of any state of the United States or any political subdivision thereof,  the District of Columbia,  the Commonwealth of Puerto Rico and the several territories organized by congress,  but not in the aggregate to exceed three percent of the credit union's capital and not to exceed one percent of the credit union's capital in any one corporation's stock,  bonds and obligations. These investments are limited to the three highest ratings established by one or more national rating services of corporate securities designated by the deputy director. 8. Pools of participation loans with other credit unions,  credit union organizations or other financial institutions,  not to exceed five percent of the credit union's capital. 9. Other investments as approved by the deputy director. 10. Fixed assets. B. Investments authorized under subsection A,  paragraph 6 of this section shall not exceed five percent of the credit union's capital,  without the prior written approval of the deputy director. The action of a credit union in investing monies in accordance with subsection A,  paragraph 6 of this section shall not be deemed a violation of this section if the aggregate investments exceed the limitation of subsection A,  paragraph 6 of this section because of a subsequent reduction in the amount of the credit union's capital.