§ 420 — Definitions

§ 420. Definitions. When used in this article unless the context\notherwise requires:\n 1. "Default" means an adjudication or other official determination of\na court of competent jurisdiction or other public authority pursuant to\nwhich a conservator, receiver, or other legal custodian is appointed for\nan insured institution for the purpose of liquidation.\n 2. "Fund" means the state savings and loan insurance fund created by\nsection four hundred twenty-a of this article.\n 3. "Insured account" means a savings account held by an insured member\nand which is insured under the provisions of this article.\n 4. "Insured savings and loan association" means an association whose\naccounts are insured under this article.\n 5. "Member" or "insured member" means a savings and loan association\nwhose application for membership in the fund has been accepted and\napproved; and which has made all payments required by this article; and\nwhose membership has not been terminated.\n 6. "Reserves" means the aggregate total of capital, advance premiums,\nassessments and retained earnings of the fund.\n