Section 6-101 - Definitions.
§ 6-101. Definitions.
(a) In general.- In this title the following words have the meanings indicated.
(b) Board.- "Board" means the board of directors of a credit union.
(c) Branch.-
(1) "Branch" means a credit union office at which shares or deposits are received, share drafts or checks are paid, or money is lent.
(2) "Branch" includes a mobile branch or other special-purpose facility that performs a function of a branch.
(3) "Branch" does not include an automated teller machine as defined in § 1-401 (d) of this article.
(d) Credit union.- "Credit union" means a cooperative, nonprofit financial institution organized under this title to conduct business in the State.
(e) Credit union service organization.- "Credit union service organization" means an entity formed to engage in activities that:
(1) Are incidental to the conduct of the business of a credit union;
(2) Advance or facilitate the purposes of a credit union; and
(3) Primarily serve a credit union and its members.
(f) Credit union share guaranty corporation.-
(1) "Credit union share guaranty corporation" means a corporation engaged in the business of guaranteeing or insuring payment of a credit union share or deposit account.
(2) "Credit union share guaranty corporation" includes the Credit Union Insurance Corporation established under Title 7 of this article.
(g) Deposit account.- "Deposit account" means a balance held by a credit union on which a contractual rate of interest may be paid as a debt owed by the credit union to the depositor.
(h) Fixed assets.- "Fixed assets" include land, buildings, leasehold improvements, furniture, fixtures, and equipment used in the conduct of the regular business of a credit union.
(i) Member in good standing.- "Member in good standing" means a member who:
(1) Owns at least one share in a credit union;
(2) Is current on all credit obligations to the credit union; and
(3) Has not caused the credit union a credit or deposit loss that is currently outstanding.
(j) Officer.- "Officer" means any officer that a Maryland corporation is required or permitted to have under § 2-412 of the Corporations and Associations Article.
(k) Official.- "Official" means:
(1) A director;
(2) A member of a credit committee; or
(3) A member of a supervisory committee.
(l) Out-of-state credit union.- "Out-of-state credit union" means:
(1) A federal credit union with its main office in a state other than this State; or
(2) A credit union chartered and primarily regulated by another state.
(m) Share or share account.- "Share" or "share account" means a balance held by a credit union on which a dividend may be paid and which confers membership and voting rights on the member.
[2001, ch. 147, §§ 1, 2; ch. 148, §§ 1, 2.]