Ohio § 1761.07

§ 1761.07.

(A) Any credit union chartered by this state or any credit union chartered by a state

that, as described in division (B) of this section, allows its credit unions to be

eligible for participation in a credit union share guaranty corporation or any credit

union chartered by the federal government that, as described in division (C) of this

section, allows federally chartered credit unions to be eligible for participation

in a credit union share guaranty corporation is eligible to participate in a credit

union share guaranty corporation under this chapter, subject to the following conditions: (1) The board of directors of the credit union and the board of directors of the credit

union share guaranty corporation approve the participation; (2) The credit union satisfies the risk eligibility standards established by the credit

union share guaranty corporation and applicable to all applying and participating

credit unions; (3) The credit union agrees to furnish financial statements, delinquent loan reports,

and other information considered necessary by the credit union share guaranty corporation

to assess the financial condition and performance of the credit union; (4) The credit union agrees to be bound by the provisions of this chapter and the articles

of incorporation and bylaws of the credit union share guaranty corporation; (5) Participation by the credit union would not result in a violation by the credit union

share guaranty corporation of any provision of this chapter or other applicable state

or federal law. (B) Credit unions chartered by other states qualify for participation in the corporation,

provided the following conditions are satisfied: (1) Such participation is lawful under the laws of both this state and the domicile state

of the credit union applying for participation in the corporation; (2) The credit union share guaranty corporation by agreement or law has sufficient authority

to require the credit union applying for participation in the corporation to comply

with the articles of incorporation and bylaws of the corporation, and with this chapter; (3) The credit union supervisory authority of such state agrees to furnish to the credit

union share guaranty corporation copies of all financial and examination reports and

other information regarding participating credit unions as is necessary to effect

the corporation's purposes.  If the credit union supervisory authority is prohibited by law from disclosing this

information, the participating credit unions shall provide the information to the

corporation. (C) Credit unions chartered by the federal government may participate in the corporation,

provided the following conditions are satisfied: (1) The national credit union administration does not restrict such participation; (2) Such participation is lawful under the laws of both this state, the domicile state

of the credit union applying for participation in the corporation, and the federal

government; (3) The credit union share guaranty corporation by agreement or law has sufficient authority

to require the credit union applying for participation in the corporation to comply

with the articles of incorporation and bylaws of the corporation, and with this chapter; (4) To the extent permitted by federal law or regulation, participating credit unions

insured by the national credit union administration agree to furnish to the corporation

copies of all financial and examination reports and other information regarding the

participating credit unions as is necessary to effect the corporation's purposes. (D) Any credit union that has been admitted to participation in the credit union share

guaranty corporation in accordance with the qualifications of this section shall have

referenced in their contract with the corporation all of the appropriate conditions

for participation and the manner in which these conditions were satisfied. (E) Any credit union that has been admitted to participation in the corporation in accordance

with the qualifications of division (B) or (C) of this section shall have the same

privileges, benefits, and obligations of participation as those participating credit

unions chartered under the laws of this state. (F) No credit union shall be admitted to participation in the corporation unless it has

paid in full its capital contribution or any applicable premiums, fees, and assessments. (G) Notwithstanding any other provision of law to the contrary, each participating credit

union, which is otherwise entitled to vote on any matters or action of the corporation

under this chapter, Chapter 1701. or 1702. of the Revised Code, or the articles or

bylaws of the corporation, shall be entitled to cast no more than one vote. (H) The right to participate issued by the corporation shall be nontransferrable and

shall be exempt from the securities laws of this state.