§ 19-4-10 - Insurance of deposits.
SECTION 19-4-10
§ 19-4-10 Insurance of deposits. –Any regulated institution permitted by law to receive deposits, except afinancial institution prevented from accepting deposits by its by-laws oragreement to form, shall maintain federal deposit insurance. Failure tomaintain federal deposit insurance shall be deemed sufficient cause for thedirector or the director's designee to revoke the agreement to form or right todo business of the noncomplying regulated institution.