17:13-75 - Insurance; exception - New Jersey Statutes

17:13-75.  Insurance;  exception    Within 1 year of the effective date of this act, every credit union incorporated under the act to which this act is a supplement shall, as a condition of its authority to do business in this State, apply for insurance on  shares and deposits as provided by the National Credit Union Administration  under Title II of the Federal Credit Union Act, Pub.L. 91-468 (12 U.S.C. s. 1781  et seq.), or alternatively, a form and amount of comparable insurance approved  by the Commissioner of Banking.

    This requirement does not apply to a credit union with shares, deposits, debt and equity capital consisting primarily of funds from other credit unions.   The commissioner may establish by regulation which credit unions shall qualify  for this exception to the requirement for insurance.

     L.1982, c. 86, s. 1, eff. July 23, 1982.