Massachusetts General Laws ch. 171 sec. 77 – Massachusetts Credit Union Share Insurance Corporation; insurance of shares and deposits
Section 77. A credit union may arrange to have its shares and deposits insured by the Massachusetts Credit Union Share Insurance Corporation. A credit union may arrange with the National Credit Union Administration for the insurance of its shares and deposits pursuant to the Federal Credit Union Act, as amended.
Terms Used In Massachusetts General Laws ch. 171 sec. 77
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
Any credit union which shall apply to said Administration for insurance shall forthwith give written notice of such application to the commissioner. If such application is accepted and such credit union is notified that the Administration is willing to provide such insurance, such credit union may become insured by said Administration; provided, however, that the acquisition of such insurance shall have been approved by the directors of the credit union.
When any credit union which has applied for insurance to said Administration shall have complied with all the requirements prerequisite to obtaining such insurance and shall have received notice in writing from said Administration that it is insured by it, such credit union shall file with the commissioner copies of such notice and of the vote of its directors required by this section such copies to be certified by the president and clerk of the credit union.