17:13-76 - Failure to apply or denial of commitment for insurance; extension of time - New Jersey Statutes

17:13-76.  Failure to apply or denial of commitment for insurance; extension of time
    A credit union which has failed to apply or which has been denied a commitment for such insurance shall within 60 days of the denial of the commitment or 1 year after the date of enactment, whichever is earlier, commence steps to liquidate, or merge with an insured credit union, or apply in  writing to the commissioner for an extension of time to obtain an insurance  commitment.

    The commissioner may grant one or more extensions of time, but not exceeding  1 year in the aggregate, for the credit union to obtain an insurance commitment  if there is satisfactory evidence that the credit union has made or is making a  substantial effort to achieve the financial condition necessary to effectuate  an issuance of an insurance commitment.

     L.1982, c. 86, s. 2, eff. July 23, 1982.