Arizona Revised Statutes § 6-558 Member Account Insurance

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