Section 23-35-104 - Insurance of accounts(a) Each credit union organized under this chapter shall obtain insurance of member share and deposit accounts under the provisions of Title II of the Federal Credit Union Act.(b) A credit union which has been denied a commitment for insurance of its share and deposit accounts shall either dissolve or merge with another credit union which is insured under Title II of the Federal Credit Union Act.Acts 1971, No. 132, § 2; 1975 (Extended Sess., 1976), No. 1182, § 1; A.S.A. 1947, § 67-902; reen. Acts 1987, No. 995, § 1.