§ 32. Insurance of deposits and share accounts.

1. Within one year from the date this section shall have become law,
every bank, trust company, savings bank, savings and loan association
and credit union shall obtain insurance of deposits and share accounts,
as the case may be:

(a) from the Federal Deposit Insurance Corporation, in the case of a
bank, trust company, savings bank or savings and loan association;

(b) from the Administrator of the National Credit Union
Administration, in the case of a credit union; or

(c) in the case of any such banking organization, from any other
insurer upon such terms and conditions as the superintendent shall
approve.

2. No banking organization whose deposit or share accounts are so
insured shall hereafter voluntarily terminate such insured status.

3. Notwithstanding the foregoing provisions of this section, the
superintendent shall have the power to promulgate such regulations as
the superintendent deems necessary and proper (a) to implement and
define the provisions of this section, (b) to exempt from the
requirements of this section any banking organization which does not
receive deposits or share accounts from the general public, and (c) for
good cause shown, to extend for up to two years the period within which
any banking organization must comply with the requirements of
subdivision one of this section.