TITLE XXXV
BANKS AND BANKING; LOAN ASSOCIATIONS; CREDIT UNIONS

CHAPTER 383-E
CREDIT UNION ACT

ARTICLE 3
Organization

Section 383-E:3-308

    383-E:3-308 Charter Rights; Liability. – Following the approval of the application by the commissioner and the filing of the bylaws with the secretary of state, the organizer of a credit union shall hold the rights to the charter. The organizer and all persons purporting to act for the credit union shall be jointly and severally liable for any liability created on its behalf until the organization is completed and a certificate to commence operations is issued by the commissioner.

Source. 2015, 272:16, eff. Oct. 1, 2015.