§ 44-15-1.1 - "Credit Unions" and "deposits" defined.
SECTION 44-15-1.1
§ 44-15-1.1 "Credit Unions" and "deposits"defined. – Whenever used in this chapter:
(1) "Credit union" means and includes a credit union with itsprincipal place of business or a branch of the credit union in this state.
(2) "Deposits" means and includes:
(i) Shares of stock, either fully or partly paid, plusdeposits or time deposits of any kind which bear interest or which are entitledto dividends. There shall be an amount excluded from taxation under theprovisions of this chapter equal to the percentage of those deposits as shallequal that percentage of the daily average of the total assets of the creditunion during the calendar year invested in book value of obligations of theUnited States, its territories and possessions and of any authority,commission, or instrumentality of the United States exempt from state taxationunder the laws of the United States.
(ii) "Deposits" and "time deposits" as used in paragraph (i)of this subdivision also means and includes deposits or savings made under anytype of deposits or savings plan represented by certificates of deposits,savings bonds, or income certificates issued by any institution, or howeverthese or similar time deposits or savings plan may be designated. "Deposits" or"time deposits" as used above shall not include any deposits of a branch oroffice of any credit union located outside of this state, whether it isestablished de novo or acquired pursuant to an interstate merger,consolidation, or acquisition; provided, that the deposits are made at a branchor office outside of this state, or any international credit union facility ofany credit union, as defined in regulations of the national credit unionadministration or which are payable only at an office located outside of theUnited States.