North Carolina General Statutes 54B-17. Insurance of accounts required
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All State associations must obtain and maintain insurance on all members‘ and customers’ withdrawable accounts. Contracts for such insurance may be made only with an insurance corporation created by an act of Congress. Prior to the licensing of an association, a certificate of incorporation duly recorded under the provisions of N.C. Gen. Stat. § 54B-14(c), shall be deemed to be sufficient certification to the insuring corporation that the association is a legal corporate entity. Such insurance must be obtained within the time limit prescribed in N.C. Gen. Stat. § 54B-18 (1981, c. 282, s. 3; 1987, c. 237, s. 2.)
Terms Used In North Carolina General Statutes 54B-17
- Association: includes a State association or a federal association unless limited by use of the words "State" or "federal. See North Carolina General Statutes 54B-4
- 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.
- Members: means withdrawable account holders and borrowers in a State mutual association. See North Carolina General Statutes 54B-4
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
- Withdrawable accounts: means accounts in which a customer or member places funds with an association which may be withdrawn by the account holder. See North Carolina General Statutes 54B-4