Section 6-101 - Definitions

(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.

r 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' includes 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

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.