6.2-1300 - (Effective October 1, 2010) Definitions.
§ 6.2-1300. (Effective October 1, 2010) Definitions.
As used in this chapter, unless the context requires a different meaning:
"Capital" means the sum of share accounts, reserves, and undivided earningsof a credit union.
"Corporate credit union" means a credit union whose field of membershipconsists primarily of other credit unions.
"Credit union" means a cooperative, nonprofit corporation organized underthe laws of the Commonwealth and authorized to do business under this chapterfor the purposes of encouraging thrift among its members, creating a sourceof credit at fair and reasonable rates of interest, providing an opportunityfor its members to use and control their own money on a democratic basis inorder to improve their economic and social condition, and conducting anyother business, engaging in any other activity, and providing any otherservice that may be of benefit to its members, consistent with the provisionsof this chapter and any regulations adopted by the Commission under thischapter.
"Credit union service organization" means any organization, corporation,or association, if (i) the membership or ownership, as the case may be, ofsuch organization, corporation, or association is primarily confined orrestricted to credit unions or organizations of credit unions and (ii) thepurpose for which such organization, corporation, or association is organizedis to strengthen or advance the development of credit unions or credit unionorganizations.
"Household" means those individuals who are related by blood, marriage, orother recognized family relationship and who live in the same house or otherplace of residence.
"Immediate family" means the individuals in a household who are related byblood, marriage, or other recognized family relationship. "Immediatefamily" also includes, regardless of their place of residence, the children,grandchildren, grandparents, parents, siblings, and spouse of an individual.
"Insuring organization" means an organization that provides aid andfinancial assistance to credit unions that are in the process of liquidationor are incurring financial difficulty in order that the share accounts in thecredit unions shall be protected or guaranteed against loss up to a specifiedlimit for each account, such as the National Credit Union AdministrationShare Insurance Fund, a corporation organized under Article 5 (§ 6.2-1331 etseq.) of this chapter, or any other share insurance provider approved by theCommission.
"Member," with respect to a credit union, or "credit union member,"means any person holding a share account in accordance with standardsspecified by the credit union. "Member" may also be used to refer to anindividual or other entity that is included within a group or a community, orto 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 bya member in accordance with standards specified by the credit union,including balances designated as shares, share certificates, share draftaccounts, or other names.
"Shares" means the interest of a member having an account in a credit union.
(1990, c. 373, § 6.1-225.2; 1999, c. 63; 2010, c. 794.)