§ 6.558

6-558. Member account insurance A. Before the incorporators of a credit union forward the organization documents to the deputy director, as required by section 6-506, they shall apply for insurance on share and deposit accounts from an insuring organization. B. The deputy director shall not grant a certificate of approval to form a credit union unless the proposed credit union has obtained a commitment for insurance on member accounts. C. A credit union may not begin operations as a credit union or continue operations without share and deposit account insurance acceptable to the deputy director.