§ 6.1-225.2. Definitions
When used in this chapter, unless the context requires a different meaning, the following terms shall have the following meanings:
"Capital" means the sum of share accounts, reserves, and undivided earnings of a credit union.
"Commission" means the State Corporation Commission.
"Commissioner" means the Commissioner of the Bureau of Financial Institutions of the State Corporation Commission of Virginia.
"Corporate credit union" means a credit union whose field of membership consists primarily of other credit unions.
"Credit union" means a cooperative, nonprofit corporation, organized under the laws of this Commonwealth and authorized to do business under this chapter for the purposes of encouraging thrift among its members, creating a source of credit at fair and reasonable rates of interest, providing an opportunity for its members to use and control their own money on a democratic basis in order to improve their economic and social condition, and conducting any other business, engaging in any other activity, and providing any other service that may be of benefit to its members, consistent with the provisions of this chapter and any regulations adopted by the Commission under this chapter.
"Household" means those persons who are related by blood, marriage or other recognized family relationship and who live in the same house or other place of residence.
"Immediate family" means the persons in a household who are so related and also includes, regardless of their place of residence, the children, grandchildren, grandparents, parents, siblings and spouse of a person.
"Insuring organization" means an organization that provides aid and financial assistance to credit unions that are in the process of liquidation or are incurring financial difficulty in order that the share accounts in the credit unions shall be protected or guaranteed against loss up to a specified limit for each account, such as the National Credit Union Administration Share Insurance Fund, a corporation organized under the Virginia Credit Union Share Insurance Act or any other share insurance provider approved by the Commission.
"Member," with respect to a credit union, or "credit union member," means any person, corporation, association, partnership, society, firm, trust, or other legal entity holding a share account in accordance with standards specified by the credit union. The word "member" may also be used to refer to an individual or other entity that is included within a group or a community, or to an individual who is part of a household or family.
"Reserves" means the total of allowances for loan losses, regular, special, and any other type of funds held in reserve.
"Share account" means a balance held by a credit union and established by a member in accordance with standards specified by the credit union, including balances designated as shares, share certificates, share draft accounts, or other names. Ownership of a share account confers membership and voting rights as set forth in the credit union bylaws and represents an interest in the capital of the credit union upon dissolution or conversion to another type of institution.
"Shares" means the interest of a member having an account in the credit union, and shall be subordinate to all other obligations of the credit union.
(1990, c. 373; 1999, c. 63.)
Sections: Previous 6.1-225.1 6.1-225.2 6.1-225.3 6.1-225.3:1 6.1-225.4 6.1-225.5 6.1-225.6 6.1-225.7 6.1-225.8 6.1-225.9 6.1-225.10 6.1-225.11 6.1-225.12 6.1-225.13 6.1-225.14 NextLast modified: April 2, 2009