12 C.F.R. § 708b.2 Definitions.
Title 12 - Banks and Banking
(a) Continuing credit union means the credit union that will continue in operation after the merger. (b) Convert, conversion, and converting, when used in connection with insurance, refer to the act of canceling federal insurance and simultaneously obtaining insurance from another insurance carrier. They mean that after cancellation of federal insurance the credit union will be nonfederally-insured. (c) Federally-insured means insured by the National Credit Union Administration (NCUA) through the National Credit Union Share Insurance Fund (NCUSIF). (d) Independent entity means a company with experience in conducting corporate elections. No official or senior manager of the credit union, or the immediate family members of any official or senior manager, may have any ownership interest in, or be employed by, the entity. (e) Insurance and insured refer to primary share or deposit insurance. These terms do not include excess share or deposit insurance as referred to in part 740 of this chapter. (f) Merging credit union means the credit union that will cease to exist as an operating credit union at the time of the merger. (g) Nonfederally-insured means insured by a private or cooperative insurance fund or guaranty corporation organized or chartered under state or territorial law. (h) Share insurance communication means any written communication, excluding the forms in Subpart C of this Part, that is made by or on behalf of a federally-insured credit union that is intended to be read by two or more credit union members and that mentions share insurance conversion or termination. The term: (1) Includes communications delivered or made available before, during, and after the credit union's board of directors decides to seek conversion or termination. (2) Includes, but is not limited to, communications delivered or made available by mail, e-mail, and internet website posting. (3) Does not include communications intended to be read only by the credit union's own employees or officials. (i) State credit union means any credit union organized and operated according to the laws of any state, the several territories and possessions of the United States, or the Commonwealth of Puerto Rico. Accordingly, state authority means the appropriate state or territorial regulatory or supervisory authority for any such credit union. (j) Terminate, termination, and terminating, when used in reference to insurance, refer to the act of canceling federal insurance and mean that the credit union will become uninsured. (k) Uninsured means there is no share or deposit insurance available on the credit union accounts.
Title 12: Banks and Banking
PART 708b—MERGERS OF FEDERALLY-INSURED CREDIT UNIONS; VOLUNTARY TERMINATION OR CONVERSION OF INSURED STATUS
§ 708b.2 Definitions.
