§ 2-4.601. Definitions.

Latest version.

As used in this article the words "insured institutions" mean an insured institution as defined in Title IV of the National Housing Act (Title 12, United States Code, Sections 1724, et seq.)

Whenever this, or any other provision of the Municipal Code permits the deposit and assignment of savings and loan certificates or shares, it shall be deemed to refer only to:
(a)

Investment certificates issued by associations which are insured institutions.

(b)

Shares issued by an association issuing no investment certificates, which is an insured institution.

(c)

Shares issued by any duly chartered federal savings and loan association which is an insured institution.

(Added by Ord. 545-C.S., effective 12-25-62)

                    
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