17-2254.   Contract provisions.Contracts written by a guarantee corporation under the provisions ofthis act shall provide for:

      (a)   The minimum investment required by a credit union;

      (b)   Any additional periodic investment required as a condition forcontinuing the guarantee of credit union member shares and how suchinvestment shall be determined;

      (c)   The amount of the guarantee;

      (d)   The period for which the guarantee shall be in force and provisionsfor renewal;

      (e)   Cancellation by either the credit union or the guarantee corporationand the return of any unused portion of the investment, if any, withpenalties;

      (f)   All standards of equipment type and operation which must be met as acondition to a continuing guarantee and how such standards will bedetermined; and

      (g)   Conditions under which payment will be made, and to whom and in whatmanner payment will be made.

      History:   L. 1975, ch. 136, § 13; July 1.