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This entry was published on 2014-09-22
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§ 420. Definitions. When used in this article unless the context
otherwise requires:

1. "Default" means an adjudication or other official determination of
a court of competent jurisdiction or other public authority pursuant to
which a conservator, receiver, or other legal custodian is appointed for
an insured institution for the purpose of liquidation.

2. "Fund" means the state savings and loan insurance fund created by
section four hundred twenty-a of this article.

3. "Insured account" means a savings account held by an insured member
and which is insured under the provisions of this article.

4. "Insured savings and loan association" means an association whose
accounts are insured under this article.

5. "Member" or "insured member" means a savings and loan association
whose application for membership in the fund has been accepted and
approved; and which has made all payments required by this article; and
whose membership has not been terminated.

6. "Reserves" means the aggregate total of capital, advance premiums,
assessments and retained earnings of the fund.