§ 6.1-225.2. (Repealed effective October 1, 2010) Definitions.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 earningsof a credit union.
"Commission" means the State Corporation Commission.
"Commissioner" means the Commissioner of the Bureau of FinancialInstitutions of the State Corporation Commission of Virginia.
"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 this Commonwealth and authorized to do business under thischapter for the purposes of encouraging thrift among its members, creating asource of credit at fair and reasonable rates of interest, providing anopportunity for its members to use and control their own money on ademocratic basis in order to improve their economic and social condition, andconducting any other business, engaging in any other activity, and providingany other service that may be of benefit to its members, consistent with theprovisions of this chapter and any regulations adopted by the Commissionunder this chapter.
"Household" means those persons who are related by blood, marriage or otherrecognized family relationship and who live in the same house or other placeof residence.
"Immediate family" means the persons in a household who are so related andalso 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 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 the Virginia Credit UnionShare Insurance Act or any other share insurance provider approved by theCommission.
"Member," with respect to a credit union, or "credit union member," meansany person, corporation, association, partnership, society, firm, trust, orother legal entity holding a share account in accordance with standardsspecified by the credit union. The word "member" may also be used to referto an individual or other entity that is included within a group or acommunity, 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 amember in accordance with standards specified by the credit union, includingbalances designated as shares, share certificates, share draft accounts, orother names. Ownership of a share account confers membership and votingrights as set forth in the credit union bylaws and represents an interest inthe capital of the credit union upon dissolution or conversion to anothertype of institution.
"Shares" means the interest of a member having an account in the creditunion, and shall be subordinate to all other obligations of the credit union.
§ 6.1-225.2. (Repealed effective October 1, 2010) 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 earningsof a credit union.
"Commission" means the State Corporation Commission.
"Commissioner" means the Commissioner of the Bureau of FinancialInstitutions of the State Corporation Commission of Virginia.
"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 this Commonwealth and authorized to do business under thischapter for the purposes of encouraging thrift among its members, creating asource of credit at fair and reasonable rates of interest, providing anopportunity for its members to use and control their own money on ademocratic basis in order to improve their economic and social condition, andconducting any other business, engaging in any other activity, and providingany other service that may be of benefit to its members, consistent with theprovisions of this chapter and any regulations adopted by the Commissionunder this chapter.
"Household" means those persons who are related by blood, marriage or otherrecognized family relationship and who live in the same house or other placeof residence.
"Immediate family" means the persons in a household who are so related andalso 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 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 the Virginia Credit UnionShare Insurance Act or any other share insurance provider approved by theCommission.
"Member," with respect to a credit union, or "credit union member," meansany person, corporation, association, partnership, society, firm, trust, orother legal entity holding a share account in accordance with standardsspecified by the credit union. The word "member" may also be used to referto an individual or other entity that is included within a group or acommunity, 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 amember in accordance with standards specified by the credit union, includingbalances designated as shares, share certificates, share draft accounts, orother names. Ownership of a share account confers membership and votingrights as set forth in the credit union bylaws and represents an interest inthe capital of the credit union upon dissolution or conversion to anothertype of institution.
"Shares" means the interest of a member having an account in the creditunion, and shall be subordinate to all other obligations of the credit union.
§ 6.1-225.2. (Repealed effective October 1, 2010) 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 earningsof a credit union.
"Commission" means the State Corporation Commission.
"Commissioner" means the Commissioner of the Bureau of FinancialInstitutions of the State Corporation Commission of Virginia.
"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 this Commonwealth and authorized to do business under thischapter for the purposes of encouraging thrift among its members, creating asource of credit at fair and reasonable rates of interest, providing anopportunity for its members to use and control their own money on ademocratic basis in order to improve their economic and social condition, andconducting any other business, engaging in any other activity, and providingany other service that may be of benefit to its members, consistent with theprovisions of this chapter and any regulations adopted by the Commissionunder this chapter.
"Household" means those persons who are related by blood, marriage or otherrecognized family relationship and who live in the same house or other placeof residence.
"Immediate family" means the persons in a household who are so related andalso 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 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 the Virginia Credit UnionShare Insurance Act or any other share insurance provider approved by theCommission.
"Member," with respect to a credit union, or "credit union member," meansany person, corporation, association, partnership, society, firm, trust, orother legal entity holding a share account in accordance with standardsspecified by the credit union. The word "member" may also be used to referto an individual or other entity that is included within a group or acommunity, 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 amember in accordance with standards specified by the credit union, includingbalances designated as shares, share certificates, share draft accounts, orother names. Ownership of a share account confers membership and votingrights as set forth in the credit union bylaws and represents an interest inthe capital of the credit union upon dissolution or conversion to anothertype of institution.
"Shares" means the interest of a member having an account in the creditunion, and shall be subordinate to all other obligations of the credit union.
