Ohio Code 1761.03 – General purposes of corporation
The general purposes of a credit union share guaranty corporation are:
Terms Used In Ohio Code 1761.03
- 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.
- Credit union share accounts: means funds deposited in any shares, accounts, deposits, or certificates of a participating credit union. See Ohio Code 1761.01
- Participating credit union: means a credit union that has applied for and been admitted to participation in a credit union share guaranty corporation and whose participation has not been terminated. See Ohio Code 1761.01
- state: means the state of Ohio. See Ohio Code 1.59
- Superintendent of credit unions: means the superintendent of the division of financial institutions of this state. See Ohio Code 1761.01
(A) To guarantee payment of all or a part of participating credit union share accounts of an individual member or, as described in division (B)(2) of section 1761.02 of the Revised Code, a nonmember of a participating credit union, subject to any express limitations as provided in this chapter;
(B) To aid and assist any participating credit union that is in liquidation or incurs financial difficulty in order that the credit union share accounts are protected or guaranteed against loss;
(C) To cooperate with participating credit unions, the superintendent of credit unions, the appropriate credit union supervisory authorities, and the national credit union administration for the purpose of advancing the general welfare of credit unions in this state and in other states where participating credit unions operate.