Section 420. Definitions

When  used  in  this  article unless the context
  otherwise requires:
    1. "Default" means an adjudication or other official determination  of
  a  court of competent jurisdiction or other public authority pursuant to
  which a conservator, receiver, or other legal custodian is appointed for
  an insured institution for the purpose of liquidation.
    2. "Fund" means the state savings and loan insurance fund  created  by
  section four hundred twenty-a of this article.
    3. "Insured account" means a savings account held by an insured member
  and which is insured under the provisions of this article.
    4.  "Insured  savings and loan association" means an association whose
  accounts are insured under this article.
    5. "Member" or "insured member" means a savings and  loan  association
  whose  application  for  membership  in  the  fund has been accepted and
  approved; and which has made all payments required by this article;  and
  whose membership has not been terminated.
    6.  "Reserves" means the aggregate total of capital, advance premiums,
  assessments and retained earnings of the fund.