Ohio Code 1733.041 – Insurance protection for members’ accounts
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Each credit union operating under this chapter or otherwise authorized to do business in this state shall obtain insurance for the protection of their members’ accounts. Such share guarantee insurance may be obtained from the national credit union administration operating under the “Federal Credit Union Act,” 84 Stat. 994 (1970), 12 U.S.C. § 1751, and any amendments thereto, or from a credit union share guaranty corporation, established under Chapter 1761 of the Revised Code, or from any insurer qualified under the laws of this state to write such insurance.
Terms Used In Ohio Code 1733.041
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Credit union: means a corporation organized and qualified as such under this chapter. See Ohio Code 1733.01
- National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
- State: means the United States, any state, territory, insular possession, or other political subdivision of the United States, including the District of Columbia. See Ohio Code 1733.01