§ 54-109.78. Share and deposit insurance. - North Carolina Statutes

§54‑109.78.  Share and deposit insurance.

(a)        All credit unionsestablished under this Chapter shall, no later than July 1, 1976, apply forinsurance of member share and deposit accounts from any mutual deposit guarantyassociation which qualifies under Article 7A of Chapter 54 of the GeneralStatutes (Mutual Deposit Guaranty Associations), or from the National CreditUnion Administration under the Federal Credit Union Act. All such credit unionsshall, on or before January 1, 1977, obtain and thereafter maintain the above‑mentionedinsurance. A credit union which is unable to obtain a commitment for insuranceof the share and deposit accounts within the time limit specified above shallbe dissolved by action of the Administrator of Credit Unions or permitted tomerge with another credit union. Provided, the Administrator may grantadditional time to obtain the insurance commitment, upon satisfactory evidencethat the credit union has made or is making a substantial effort to achieve theconditions precedent to issuance of  the commitment. Granting of additionaltime or times to obtain the insurance commitment shall not extend later thanJanuary 1, 1978.

(b)        All credit unionschartered under Articles 14A to 14L of this Chapter after ratification shallapply for and obtain insurance as a condition to granting the charter. (1975,c. 538, s. 1.)