17-2224. Receipt of certain money by insolvent credit union; obligation for repayment.
17-2224
17-2224. Receipt of certain money by insolvent credit union;
obligation for repayment.
When an insolvent credit union receives money with the stipulation that
the money need be repaid only after there are assets available to pay all
creditors and shareholders such an obligation for repayment shall not be
considered an obligation of the credit union for any purpose except that
the credit union may at a later day repay in whole or part the money so
received if the board of directors so directs and if the financial
structure of the credit union would not be impaired by such a repayment.
History: L. 1963, ch. 140, § 5; June 30.