6-558. Member account insurance
A. Before the incorporators of a credit union forward the organization documents to the superintendent, as required by section 6-506, they shall apply for insurance on share and deposit accounts from an insuring organization.
B. The superintendent shall not grant an approved certificate of organization to form a credit union unless the proposed credit union has obtained a commitment for insurance on member accounts.
C. A credit union may not begin operations as a credit union or continue operations without share and deposit account insurance acceptable to the superintendent.Section: Previous 6-551 6-552 6-553 6-554 6-555 6-556 6-557 6-558 6-561 6-562 6-563 6-564 6-571 6-572 6-573 Next
Last modified: October 13, 2016