[Code of Federal Regulations]
[Title 12, Volume 6]
[Revised as of January 1, 2008]
From the U.S. Government Printing Office via GPO Access
[CITE: 12CFR745.6]

[Page 655]
 
                       TITLE 12--BANKS AND BANKING
 
            CHAPTER VII--NATIONAL CREDIT UNION ADMINISTRATION
 
PART 745_SHARE INSURANCE AND APPENDIX--Table of Contents
 
  Subpart A_Clarification and Definition of Account Insurance Coverage
 
Sec. 745.6  Accounts held by a corporation, partnership, or unincorporated association.

    Accounts of a corporation, partnership, or unincorporated 
association engaged in any independent activity shall be insured up to 
the SMSIA in the aggregate. The account of a corporation, partnership, 
or unincorporated association not engaged in an independent activity 
shall be deemed to be owned by the person or persons owning such 
corporation or comprising such partnership or unincorporated association 
and, for account insurance purposes, the interest of each person in such 
an account shall be added to any other account individually owned by 
such person and insured up to the SMSIA in the aggregate. For purposes 
of this section, ``independent activity'' means an activity other than 
one directed solely at increasing insurance coverage.

[51 FR 37560, Oct. 23, 1986, as amended at 71 FR 14635, Mar. 23, 2006]