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This entry was published on 2014-09-22
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Creation of fund
§ 490-a. Creation of fund. Any fifty or more credit unions organized
under the provisions of this chapter whose share liabilities aggregate
not less than fifty per centum of the total share liabilities of all
credit unions so organized may enter into an agreement, subject to the
approval of the superintendent, to create a fund and from time to time
make contributions thereto in accordance with the terms of such
agreement, for the purpose of insuring the shares of such credit unions
as shall become parties to such agreement; provided, however, that the
shares so insured of any one holder in any one credit union shall not
exceed two thousand dollars. Such an agreement once entered into may be
continued, notwithstanding the fact that any number of associations may
cease to be parties thereto.