2013 Maryland Code
FINANCIAL INSTITUTIONS
§ 6-101 - Definitions

§6-101.

(a) In this title the following words have the meanings indicated.

(b) “Board” means the board of directors of a credit union.

(c) (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” means a cooperative, nonprofit financial institution organized under this title to conduct business in the State.

(e) “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) (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” 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” 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” 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” means any officer that a Maryland corporation is required or permitted to have under § 2-412 of the Corporations and Associations Article.

(k) “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” 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” 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.