§ 7-102. Corporation established

   (a) Established. -- There is a Credit Union Insurance Corporation, established as a nonprofit, nonstock corporation, the members of which are credit unions that are accepted for membership under this part.

(b) Corporation not deemed department, unit, agency, or instrumentality of State. --

   (1) The Corporation is not and may not be deemed a department, unit, agency, or instrumentality of the State for any purpose.

   (2) All debts, claims, obligations, and liabilities of the Corporation, whenever incurred, shall be the debts, claims, obligations, and liabilities of the Corporation only and not of the State, its agencies, instrumentalities, officers, or employees.

   (3) The Corporation moneys may not be considered part of the General Fund of the State.

   (4) The debts, claims, obligations, and liabilities of the Corporation may not be considered to be a debt of the State or a pledge of its credit.

HISTORY: An. Code 1957, art. 23, § 451; 1980, ch. 33, § 2; 1986, ch. 778; 1988, ch. 635; 2002, ch. 540.