2006 Minnesota Statutes

52.24 MANDATORY SHARE AND DEPOSIT INSURANCE.
    Subdivision 1. Insurance accounts. Every credit union under the supervision of the
commissioner of commerce shall at all times maintain in effect insurance of member share and
deposit accounts under the provisions of title II of the National Credit Union Act. A credit union
which fails to meet this requirement for insurance of its share and deposit accounts shall either
dissolve or merge with another credit union which is insured under title II of the National Credit
Union Act.
    Subd. 2. Certificate of approval. No credit union shall be granted a certificate of approval
by the commissioner of commerce unless the credit union has obtained a commitment for
insurance of its member share and deposit accounts under the provisions of title II of the National
Credit Union Act.
    Subd. 3. Exclusion. Notwithstanding the provisions of subdivisions 1 and 2, any one share of
a member, as designated in the bylaws of the credit union, may be excluded from the requirement
for insurance. At the time a share so designated as an uninsured, nonwithdrawable membership
share is subscribed to, the person subscribing will be provided the following separate notification
printed in not less than the equivalent of 8-point type, 0.075 inch computer type, or elite-sized
typewriter numerals, or shall be legibly handwritten:
"Membership shares are not insured by any state or federal agency and may be used to pay
the expenses and losses of the credit union in the event all other available reserves have
been depleted."
History: 1976 c 219 s 3; 1982 c 473 s 19; 1983 c 289 s 114 subd 1; 1984 c 512 s 8; 1984 c
655 art 1 s 92; 1Sp1985 c 13 s 186,187; 1989 c 127 s 3,4; 1992 c 587 art 1 s 19; 1994 c 382 s 11