Rhode Island General Laws 42-116-37. Use of funds
Notwithstanding the provisions of any general or special law to the contrary, from and after March 1, 1992, payment of funds of the corporation to any depositor of the Central Credit Union, the Marquette Credit Union, the Banner Loan and Investment Corporation, the Rhode Island Central Credit Union, the East Providence Credit Union, the Providence Teachers Credit Union, the Columbian Credit Union, the Greater Providence Deposit Corporation, Greater Providence Trust Company and Community-Loan and Investment Bank, the Davisville Credit Union or the Chariho-Exeter Credit Union in respect of deposit liabilities (whether by the corporation or the receiver of the eligible institution) shall be made only pursuant to the provisions of § 42-116-12 and/or in connection with transactions authorized by § 42-116-6(10) which result in the acquisition of federal deposit insurance with respect to any deposit liabilities (or any deposit obligations issued in full or partial satisfaction thereof), of the aforementioned eligible institutions, whether from the National Credit Union Administration or the Federal Deposit Insurance Corporation.
History of Section.
P.L. 1992, ch. 9, § 4.
Terms Used In Rhode Island General Laws 42-116-37
- 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.
- Corporation: means the Rhode Island depositors economic protection corporation. See Rhode Island General Laws 42-116-3
- Deposit liabilities: means liabilities of an eligible institution in respect of time, savings, demand or other deposits of the institution, including without limitation certificates of deposit, individual retirement accounts, escrow and fiduciary accounts, and unpaid cashiers checks issued to depositors or issued to or for depositors in the course of a withdrawal from an account at the institution. See Rhode Island General Laws 42-116-3
- Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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