§ 42-116-37 - Use of funds. - Rhode Island Statutes

SECTION 42-116-37

   § 42-116-37  Use of funds. – Notwithstanding the provisions of any general or special law to the contrary,from and after March 1, 1992, payment of funds of the corporation to anydepositor of the Central Credit Union, the Marquette Credit Union, the BannerLoan and Investment Corporation, the Rhode Island Central Credit Union, theEast Providence Credit Union, the Providence Teachers Credit Union, theColumbian Credit Union, the Greater Providence Deposit Corporation, GreaterProvidence Trust Company and Community-Loan and Investment Bank, the DavisvilleCredit Union or the Chariho-Exeter Credit Union in respect of depositliabilities (whether by the corporation or the receiver of the eligibleinstitution) shall be made only pursuant to the provisions of § 42-116-12and/or in connection with transactions authorized by § 42-116-6(10) whichresult in the acquisition of federal deposit insurance with respect to anydeposit liabilities (or any deposit obligations issued in full or partialsatisfaction thereof), of the aforementioned eligible institutions, whetherfrom the National Credit Union Administration or the Federal Deposit InsuranceCorporation.