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Definitions - 17 Pa. Cons. Stat. § 103

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     § 103.  Definitions.
        The following words and phrases when used in this title shall
     have the meanings given to them in this section unless the
     context clearly indicates otherwise:
        "Activity."  A transaction by a member on a loan, share
     account, share draft account or certificate or a verbal or
     written communication between the member and the credit union in
     which the member indicates an awareness or interest in funds
     deposited by the member in the credit union.
        "Branch."  A subsidiary office of the credit union which is
     capable of offering the same or approximately the same level of
     service to members that can be found at the principal office of
     the credit union. The term includes a branch credit union,
     branch office, branch agency, additional office other than a
     service facility and branch place of business.
        "Community development credit union."  A credit union which
     is designated as a low-income credit union by the Department of
     Banking.
        "Corporate credit union."  A credit union which is operated
     primarily for the purpose of serving other credit unions, is
     designated by the National Credit Union Administration as a
     corporate credit union, is subject to the provisions of sections
     301(b) (relating to purposes) and 502 (relating to powers of
     central or corporate credit unions) and limits natural person
     members to the minimum number required to charter and operate
     the credit union.
        "Department."  The Department of Banking of the Commonwealth.
        "Federal credit union."  A credit union organized in
     accordance with the provisions of the Federal Credit Union Act
     (48 Stat. 1216, 12 U.S.C. § 1751 et seq.).
        "Insolvent" or "insolvency."  The condition of a credit union
     when total shares exceed the present cash value of assets after
     providing for liabilities.
        "Out-of-State credit union."  A credit union incorporated
     under the laws of another state.
        "Retained earnings."  (Deleted by amendment).
        "Secretary."  The Secretary of Banking of the Commonwealth or
     the secretary's designee.
        "Service facility."  A subsidiary office of the credit union
     such as an automated teller machine, kiosk or other type of
     facility as determined by the Department of Banking which is not
     capable of offering the same or approximately the same level of
     service that can be found at the principal office of the credit
     union.
        "Shares."  All savings including regular shares, share
     drafts, share certificates and other savings.
        "Total equity capital."  Regular reserve and undivided
     earnings.
        "Total equity capital and reserves."  (Deleted by amendment).
        "Unimpaired capital."  Total unencumbered shares.
        "Volunteer."  An individual who receives no compensation.
     Reasonable health, accident and similar insurance protection and
     the reimbursement of reasonable expenses incurred in the
     discharge of the duties of the volunteer's position are not
     compensation.
     (Dec. 12, 1994, P.L.1067, No.146, eff. 60 days; Dec. 9, 2002,
     P.L.1572, No.207, eff. 60 days)

        2002 Amendment.  Act 207 amended the defs. of "service
     facility" and "unimpaired capital," added the defs. of
     "community development credit union," "corporate credit union,"
     "insolvent" or "insolvency" and "secretary" and deleted the
     defs. of "retained earnings" and "total equity capital and
     reserves."
        1994 Amendment.  Act 146 added the defs. of "retained
     earnings," "shares," "total equity capital," "total equity
     capital and reserves" and "unimpaired capital."

Last modified: November 27, 2007