§412:10-804  Management and operation of
corporate credit union.  The corporate credit union shall be organized and
operated like any other credit union, except that:



(1)  Persons eligible to hold office and vote shall be
designated by the board of directors of each member of the corporate credit
union as the voting representative in the corporate credit union.  Such voting
representative shall be eligible to hold office in the corporate credit union
as if such person were an individual member of the corporate credit union. 
Each member shall have only one vote;



(2)  The corporate credit union shall be exempt from
the regular reserve requirements established under this article, but shall
establish and maintain an equity reserve to meet losses, in accordance with
rules adopted by the commissioner;



(3)  The corporate credit union shall be exempt from
the share and deposit requirements of this article and from the security laws
of this State; and



(4)  The supervisory committee of a corporate credit
union shall cause an annual opinion audit to be made by an independent, duly
licensed certified public accountant and shall submit the audit report to the
board of directors.  A summary of the audit report shall be submitted to the
membership at the next annual meeting.  A copy of the audit report shall be
submitted to the commissioner within thirty days after receipt by the board of
directors. [L 1993, c 350, pt of §1]