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

(1)  Persons eligible to hold office and vote shall bedesignated by the board of directors of each member of the corporate creditunion as the voting representative in the corporate credit union.  Such votingrepresentative shall be eligible to hold office in the corporate credit unionas 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 fromthe regular reserve requirements established under this article, but shallestablish and maintain an equity reserve to meet losses, in accordance withrules adopted by the commissioner;

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

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