Tennessee Statutes
§ 45-4-505 — Application for insurance - Time limit - Failure - Effect
Tennessee·Title 45
(a)Any new credit union organized under this chapter shall, prior to commencing its operations, obtain and thereafter maintain insurance of its share and deposit balances by membership in either the state credit union share insurance corporation or the National Credit Union Association.
(b)If it appears at any time that any credit union within this section has failed to maintain the insurance, the commissioner shall, after hearing, or opportunity for hearing, order the credit union to correct the condition and shall grant it not less than thirty (30) days to comply. Upon failure to do so, the commissioner may suspend or revoke the charter, place the credit union in involuntary liquidation and appoint a liquidating agent for the credit union under part 9 of this chapter.
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Tennessee § 45-4-505 (Application for insurance - Time limit - Failure - Effect) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Acts 1976, ch. 428, § 1; T.C.A., § 45-1850; Acts 1986, ch. 558, § 5.
Nearby Sections
15
§ 45-1-101
Short title§ 45-1-103
General definitions§ 45-1-104
Department to execute laws§ 45-1-106
Salary of commissioner§ 45-1-107
Powers and duties of commissioner§ 45-1-109
Oaths of office§ 45-1-111
Limitation of personal liability§ 45-1-112
Official seal§ 45-1-113
Office facilities§ 45-1-116
Examiners - Employment and duties