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

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

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