Mass. General Laws c.171, § 1

Definitions

This is an unofficial version of a Massachusetts General Law. For more information on this topic, please see Law about credit and banking.

Updates

Amended by St.2020, c.338, §§ 10-16, effective April 12, 2021

Section 1

As used in this chapter the following words shall, unless the context otherwise requires, have the following meanings:—

''Central Credit Union Fund, Inc.'', the corporation established by chapter 216 of the acts of 1932.

''Commissioner'', the commissioner of banks.

''Corporate credit union'', a federally chartered credit union primarily serving other credit unions. A corporate credit union is primarily serving other credit unions when the total dollar amount of the shares and deposits received from other credit unions plus loans to other credit unions exceeds 50 per cent of the total dollar amount of all such shares, deposits and loans. For the purposes of this definition, the term ''other credit unions'' shall include state and federally chartered credit unions.

''Credit union'', a corporation organized under this chapter or corresponding provisions of earlier laws.

''Credit union employees retirement association'' or ''retirement association'', the association formed pursuant to sections 82 to 84, inclusive.

''Dividend'', payments on shares paid from the earnings which actually have been collected during the dividend period next preceding and which remain after the deduction of all expenses, interest on deposits and shares and the amounts required to be set apart to the loan reserve and investment reserve or such dividend may be declared in whole or in part from the undivided earnings of preceding years remaining after the aforesaid deductions for such years.

''Federal credit union'', a credit union organized under the provisions of the Federal Credit Union Act.

''Foreign credit union'', a credit union organized under the laws of another state in the United States.

''Interest'', earnings paid on deposits.

“Low-income credit union”, a credit union whose membership meets the qualifications defined in 12 C.F.R. 701.34 and that has accepted the regulatory designation therein.

''Massachusetts Credit Union Share Insurance Corporation'', the corporation established by chapter 294 of the acts of 1961.

''Member'', a person who holds one or more shares in the credit union.

''Minor'', a person under 18 years of age.

''National Credit Union Administration'' or ''Administration'', the agency established by the Federal Credit Union Act to charter and regulate federal credit unions and which operates the National Credit Union Share Insurance Fund.

''Organization member'', any fraternal organization, voluntary association, partnership, limited partnership, limited liability partnership, limited liability company or corporation, having a usual place of business within the commonwealth and composed principally of individual members or stockholders who are themselves eligible to membership in a credit union or the Central Credit Union Fund, Inc.

''Share'' or ''share account'', a balance which constitutes the capital of the credit union and is held by the credit union in accordance with its by-laws. The sum of all shares and share accounts constitutes the equity capital of the credit union.

Last updated:	January 12, 2021