§ 32 — Insurance of deposits and share accounts

§ 32. Insurance of deposits and share accounts.\n 1. Within one year from the date this section shall have become law,\nevery bank, trust company, savings bank, savings and loan association\nand credit union shall obtain insurance of deposits and share accounts,\nas the case may be:\n (a) from the Federal Deposit Insurance Corporation, in the case of a\nbank, trust company, savings bank or savings and loan association;\n (b) from the Administrator of the National Credit Union\nAdministration, in the case of a credit union; or\n (c) in the case of any such banking organization, from any other\ninsurer upon such terms and conditions as the superintendent shall\napprove.\n 2. No banking organization whose deposit or share accounts are so\ninsured shall hereafter voluntarily terminate such insured status.\n 3. Notwithstanding the foregoing provisions of this section, the\nsuperintendent shall have the power to promulgate such regulations as\nthe superintendent deems necessary and proper (a) to implement and\ndefine the provisions of this section, (b) to exempt from the\nrequirements of this section any banking organization which does not\nreceive deposits or share accounts from the general public, and (c) for\ngood cause shown, to extend for up to two years the period within which\nany banking organization must comply with the requirements of\nsubdivision one of this section.\n