Credit unions desiring to borrow from any source other than financial institutions and other credit unions pursuant to Section 5(i) of the Arkansas credit union act, mainly certificates of indebtedness or promissory notes to credit union members, may do so only if in compliance with the following:

1. (1) The aggregate amount to be borrowed including certificate of indebtedness shall not exceed the amount as prescribed in Section 5(i) of the act;
2. (2) The instruments shall be styled "Certificate of Indebtedness" or "Promissory Note" or "Certificate of Debenture";
3. (3) The instruments shall state clearly on their face in bold type as follows: “THE SATISFACTION OF THIS OBLIGATION OF___________________ CREDIT UNION, EVIDENCED BY THIS (CERTIFICATE OF INDEBTEDNESS) (PROMISSORY NOTE), IS NOT INSURED THROUGH THE NATIONAL CREDIT UNION ADMINISTRATION (NCUA) OR ANY OTHER AGENCY OF THE STATE OR FEDERAL GOVERNMENT NOR IS LIFE SAVINGS INSURANCE PROVIDED. THIS OBLIGATION, REPRESENTING A DEBT OF THE CREDIT UNION, IS BACKED ONLY BY THE ASSETS OF _______________________CREDIT UNION”;
4. (4) The instruments shall all be pre-numbered and chronologically serialized by year;
5. (5) The board of directors shall receive a report on the issuance of certificates at each monthly board meeting; and
6. (6) The supervisory committee in conducting its audits of the credit union shall ask for a verification of items of subdivision (2) of this section.