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.