(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.