2005 Vermont Code - § 2087. — Share insurance

§ 2087. Share insurance

(a) Every credit union authorized to do business in this state under this chapter shall insure its members' shares with the national credit union administration or the successor to that federal agency.

(b) A credit union not insured by the national credit union administration on the effective date of this section shall apply for that insurance coverage within one year from the effective date. If a credit union fails to obtain this share insurance within two years of the effective date, the commissioner shall recall the charter, as provided in this chapter.

(c) A credit union insured under this section shall have the duty and power to comply with all statutes and regulations governing insurance of shares by the national credit union administration; provided that nothing contained in this section shall be construed as repealing, modifying or impairing any powers, duties, rights or responsibilities of the commissioner, or the credit union so insured, under the provisions of this title. (Added 1977, No. 189 (Adj. Sess.), § 3.)