§ 54B-17. Insurance of accounts required.
§54B‑17. Insurance of accounts required.
All State associations mustobtain and maintain insurance on all members' and customers' withdrawableaccounts. Contracts for such insurance may be made only with an insurancecorporation created by an act of Congress. Prior to the licensing of anassociation, a certificate of incorporation duly recorded under the provisionsof G.S. 54B‑14(c), shall be deemed to be sufficient certification to theinsuring corporation that the association is a legal corporate entity. Suchinsurance must be obtained within the time limit prescribed in G.S. 54B‑18.(1981, c. 282, s. 3; 1987, c. 237, s. 2.)