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Charter
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Government authorization to do business.
A credit union or other financial Institution must have a charter with a state or the federal government
A charter is the Grant of authority or rights, stating that the granter formally recognizes the prerogative of the recipient to Exercise the rights specified. It is implicit that the granter retains superiority (or sovereignty), and that the recipient admits a limited (or inferior) status within the relationship, and it is within that sense that charters were historically granted, and that sense is retained in modern usage of the term.
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TriCap Assurance SPC
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