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.

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.