Arizona § 6-558 Member account insurance

Arizona Statutes

§ 6-558 — Member account insurance

Arizona·Title 6 Arizona Revised Statutes·Ch. 4 CREDIT UNIONS·Art. 6 Accounts

A.Before the incorporators of a credit union forward the organization documents to the deputy director, as required by section 6-506, they shall apply for insurance on share and deposit accounts from an insuring organization.

B.The deputy director shall not grant a certificate of approval to form a credit union unless the proposed credit union has obtained a commitment for insurance on member accounts.

C.A credit union may not begin operations as a credit union or continue operations without share and deposit account insurance acceptable to the deputy director.

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A. Before the incorporators of a credit union forward the organization documents to the deputy director, as required by section 6-506, they shall apply for insurance on share and deposit accounts from an insuring organization.

B. The deputy director shall not grant a certificate of approval to form a credit union unless the proposed credit union has obtained a commitment for insurance on member accounts.

C. A credit union may not begin operations as a credit union or continue operations without share and deposit account insurance acceptable to the deputy director.

Arizona § 6-558 (Member account insurance) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.