(2) Any deposit with accretions thereon made pursuant to any such agreements shall be kept deposited with a solvent trust company of this state and shall remain the property of the depositing corporations and shall be subject to the provisions of this chapter governing the investments of such corporations.
(b) (1) Such special reserve or emergency funds shall be subject to examination by the superintendent in like manner as the other assets and property of any depositing corporation and shall be used only for the purpose of enabling any depositing corporation to comply with any requirement of this article, and then only with the consent of at least two-thirds of the membership of such fund in proportion to its ownership.
(2) Loans thus authorized from such a fund may be made pursuant to agreements as prescribed in section one thousand three hundred seven of this chapter or in such other form as approved by the membership.
(c) Any such depositing corporation may, with the consent of the superintendent, withdraw all or a part of its share therein, upon giving at least thirty days notice in writing to the custodian or custodians of such fund.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.