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6-394. Prohibited ownership or control of a financial institution and interest in insurer insuring deposits; assets and reserves of insurer

A. No person may own or control a financial institution and at the same time have an interest in an insurer that directly or indirectly insures or purports to insure the deposit accounts of the financial institution.

B. No insurer of the deposit accounts of a financial institution other than a federal insurance corporation shall have and maintain assets and reserves equaling less than fifty per cent of the withdrawal accounts or investment certificates of the insured financial institution.