§ 42-116-37 — § 42-116-37. Use of funds.

§ 42-116-37. Use of funds.

Notwithstanding the provisions of any general or special law to the contrary, from and after March 1, 1992, payment of funds of the corporation to any depositor of the Central Credit Union, the Marquette Credit Union, the Banner Loan and Investment Corporation, the Rhode Island Central Credit Union, the East Providence Credit Union, the Providence Teachers Credit Union, the Columbian Credit Union, the Greater Providence Deposit Corporation, Greater Providence Trust Company and Community-Loan and Investment Bank, the Davisville Credit Union or the Chariho-Exeter Credit Union in respect of deposit liabilities (whether by the corporation or the receiver of the eligible institution) shall be made only pursuant to the provisions of § 42-116-12 and/or in connection with transactions authorized by § 42-116-6(10) which result in the acquisition of federal deposit insurance with respect to any deposit liabilities (or any deposit obligations issued in full or partial satisfaction thereof), of the aforementioned eligible institutions, whether from the National Credit Union Administration or the Federal Deposit Insurance Corporation.

Legislative History

P.L. 1992, ch. 9, § 4.