04 NCAC 06C .1401. SIGNATURE GUARANTEE

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Provided the following conditions are satisfied, a credit union may offer its members signature guarantee services in connection with the transfer of securities, name change on a security certificate, replacement of lost certificates, or erasures on a security certificate:

(1)           The credit union obtains a bond endorsement protecting it against any loss or liability resulting from granting an improper signature guarantee.

(2)           The credit union participates in a signature guarantee program endorsed by the Securities Transfer Association.

(3)           The credit union obtains the prior written approval of the Administrator before commencing its signature guarantee program.

History Note: Authority G.S. 54‑109.12; 54‑109.21(25);

Eff. March 1, 1994.

                    
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