32-3-102. Purposes -- definitions. (1) The purposes of a credit union are to:

(a) encourage thrift among its members;

(b) create a source of credit at a fair and reasonable rate of interest; and

(c) provide an opportunity for the credit union's members to use and control their own money in order to improve their economic and social condition.

(2) For the purposes of this chapter, unless the context requires otherwise, the following definitions apply:

(a) "Credit union" means a cooperative, nonprofit association incorporated under the laws of this state pursuant to this chapter for the purposes described in subsection (1).

(b) "Immediate family" means a spouse, a child, a sibling, a parent, a grandparent, or a grandchild and includes stepparents, stepchildren, stepsiblings, and adoptive relationships.

(c) "Membership shares" means a fee paid to the credit union to be a member. The fee is held by the credit union and may be invested by the credit union. The fee must be set in the bylaws of the credit union.

(d) "Official" means a member of the board of directors, supervisory committee, or credit committee of the credit union and includes individuals elected by the board of directors to serve as executive officers described in 32-3-408.

(e) "Shares" means a balance of funds, minus membership shares, held by a credit union and established in accordance with standards specified by the credit union. The term includes general references to shares as well as share accounts, share certificates, share draft accounts, custodial accounts, individual retirement accounts, payable on death accounts, trust accounts, money market accounts, share checking accounts, and business share accounts.

History: En. 14-602 by Sec. 2, Ch. 38, L. 1975; R.C.M. 1947, 14-602; amd. Sec. 1, Ch. 317, L. 2015.