Section 32. Insurance of deposits and share accounts

1.  Within  one year from the date this section shall have become law,
  every bank, trust company, savings bank, savings  and  loan  association
  and  credit union shall obtain insurance of deposits and share accounts,
  as the case may be:
    (a) from the Federal Deposit Insurance Corporation, in the case  of  a
  bank, trust company, savings bank or savings and loan association;
    (b)   from   the   Administrator   of   the   National   Credit  Union
  Administration, in the case of a credit union; or
    (c) in the case of any  such  banking  organization,  from  any  other
  insurer  upon  such  terms  and  conditions  as the superintendent shall
  approve.
    2. No banking organization whose deposit  or  share  accounts  are  so
  insured shall hereafter voluntarily terminate such insured status.
    3.  Notwithstanding  the  foregoing  provisions  of  this section, the
  banking board shall have the power, by a three-fifths vote  of  all  its
  members,  to promulgate such general or specific regulations as it deems
  necessary and proper (a) to implement and define the provisions of  this
  section, (b) to exempt from the requirements of this section any banking
  organization  which does not receive deposits or share accounts from the
  general public, and (c) for good cause shown, to extend for  up  to  two
  years  the period within which any banking organization must comply with
  the requirements of subdivision one of this section.