§ 490-a. Creation of fund. Any fifty or more credit unions organized under the provisions of this chapter whose share liabilities aggregate not less than fifty per centum of the total share liabilities of all credit unions so organized may enter into an agreement, subject to the approval of the superintendent, to create a fund and from time to time make contributions thereto in accordance with the terms of such agreement, for the purpose of insuring the shares of such credit unions as shall become parties to such agreement; provided, however, that the shares so insured of any one holder in any one credit union shall not exceed two thousand dollars. Such an agreement once entered into may be continued, notwithstanding the fact that any number of associations may cease to be parties thereto.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
