North Dakota Code 6-06-40 – Share insurance exception
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A central credit union with corporate shareholdings equal to or in excess of seventy-five percent of its total assets may by vote of its board of directors elect exemption of insurance of share and deposit accounts under provisions of title II of the Federal Credit Union Act.
Terms Used In North Dakota Code 6-06-40
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- board: when used in this title includes the state banking board and the state credit union board. See North Dakota Code 6-01-03
- Credit union: means a cooperative, nonprofit association organized for the purposes of encouraging thrift among its members, creating a source of credit at a fair and reasonable rate of interest, and providing an opportunity for its members to improve their economic and social condition. See North Dakota Code 6-01-02