§412:10-106  Deposit and share insurance.  (a) 
The organizers of the proposed credit union shall apply for insurance on share
and deposit accounts from the National Credit Union Administration or any
successor governmental agency.



(b)  No credit union shall transact any credit
union business until it has received federal insurance of its share and deposit
accounts.



(c)  A corporate credit union shall be exempt
from the requirements of this section. [L 1993, c 350, pt of §1]