54B-17. Insurance of accounts required.
All State associations must obtain and maintain insurance on all members' and customers' withdrawable accounts. Contracts for such insurance may be made only with an insurance corporation created by an act of Congress. Prior to the licensing of an association, a certificate of incorporation duly recorded under the provisions of G.S. 54B-14(c), shall be deemed to be sufficient certification to the insuring corporation that the association is a legal corporate entity. Such insurance must be obtained within the time limit prescribed in G.S. 54B-18. (1981, c. 282, s. 3; 1987, c. 237, s. 2.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 54B - Savings and Loan Associations
Article 2 - Incorporation and Organization.
§ 54B-7 - Application of Chapter on business corporations.
§ 54B-8 - Scope and prohibitions; existing charters; injunctions.
§ 54B-9 - Application to organize a savings and loan association.
§ 54B-10 - Certificate of incorporation.
§ 54B-11 - Commissioner of Banks to consider application.
§ 54B-13 - State Banking Commission to review findings and recommendations of Commissioner of Banks.
§ 54B-14 - Grounds for approval or denial of application.
§ 54B-17 - Insurance of accounts required.
§ 54B-18 - Time allowed to commence business.
§ 54B-20 - Amendments to certificate of incorporation.
§ 54B-21 - List of stockholders to be maintained.
§ 54B-23 - Application to change location of a branch or principal office.