17:13-87 - Insurance of accounts; financial condition and examination reports - New Jersey Statutes

17:13-87.  Insurance of accounts;  financial condition and examination reports
    a.  No credit union shall be granted a charter on or after the effective date of this act unless the incorporators have obtained a commitment for the insurance of its accounts from the National Credit Union Administration or another insurer approved by the commissioner.

    b.  The commissioner may make available reports of financial condition and examination reports to the National Credit Union Administration or to any qualified insurer and may accept any report of examination made on behalf of the insurer or insuring agency.  The commissioner may appoint an official of the National Credit Union Administration or any qualified insuring organization  as liquidating agent of an insured credit union.

     L.1984, c. 171, s. 9, eff. Oct. 31, 1984.