17-2254. Contract provisions.
17-2254
17-2254. Contract provisions.
Contracts written by a guarantee corporation under the provisions of
this act shall provide for:
(a) The minimum investment required by a credit union;
(b) Any additional periodic investment required as a condition for
continuing the guarantee of credit union member shares and how such
investment shall be determined;
(c) The amount of the guarantee;
(d) The period for which the guarantee shall be in force and provisions
for renewal;
(e) Cancellation by either the credit union or the guarantee corporation
and the return of any unused portion of the investment, if any, with
penalties;
(f) All standards of equipment type and operation which must be met as a
condition to a continuing guarantee and how such standards will be
determined; and
(g) Conditions under which payment will be made, and to whom and in what
manner payment will be made.
History: L. 1975, ch. 136, § 13; July 1.