Sec. 97.7. Examination of credit union organizations

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No credit union shall invest in or make loans to any credit union organization after the effective date of this Part, unless and until it has filed with the superintendent a letter agreement from the credit union organization which:
(a) states that the credit union organization is subject to the general supervision of the department;
(b) permits periodic examinations of the credit union organization, as the superintendent deems necessary; and
(c) states that the credit union will reimburse the department for the total cost of such examinations.

                    
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