As used in this chapter, unless the context requires otherwise:
(1) “Assets” means property, a right or a claim with future objectively measurable value that is owned or effectively controlled by a credit union.
(2) “Capital” means a credit union’s reserves, undivided earnings and allowances for loan loss.
(3) “Corporate central credit union” means a cooperative organization whose members consist primarily of other credit unions and whose purposes are:
(a) To accumulate and prudently manage the liquidity of its member credit unions through interlending and investment services;
(b) To act as an intermediary for member credit unions to the payment systems and facilitate funds transfers between its member credit unions and other financial institutions or their agents;
(c) To obtain liquid funds from other credit union organizations, financial intermediaries and other sources; and
(d) To perform such other financial services that benefit its member credit unions and that are authorized in writing by the Director of the Department of Consumer and Business Services.
(4) “Department” means the Department of Consumer and Business Services.
(5) “Director” means the Director of the Department of Consumer and Business Services.
(6) “Equity” means a credit union’s reserves and undivided earnings.
(7) “Home state” means the state in which the credit union is chartered.
(8) “Host state” means the state in which a credit union conducts business, but that is not the home state.
(9) “Interstate credit union” means a credit union chartered under the provisions of this chapter or under the authority of the laws of another state and operating in this state and in one or more other states.
(10) “Official” means any of the following:
(a) An individual who is or was a director or officer of the credit union; or
(b) An individual who is or was a member of a credit union’s credit committee or supervisory committee.
(11) “Regular reserve” means an irrevocable reserve set aside to cover losses. [1985 c.762 §80; 1987 c.158 §151; 1987 c.373 §62; 1987 c.650 §1; 1993 c.744 §25; 1995 c.319 §7; 1999 c.185 §1]
Section: 723.001 723.002 723.006 723.008 723.010 723.012 723.014 723.016 723.020 723.022 723.026 723.030 723.032 723.036 723.040 NextLast modified: August 7, 2008