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Rules & Regulations

Section 1.        Organization Of A State Chartered Credit Union

Definitions

Minimum Size Group

-     If employee Group, 2 individuals

-     If association Group, 2 individuals

-     if employee group is closely related to the credit union's primary field of membership, as stated in the credit union's bylaws, no minimum.

Eligible Association Group

Associations whose activities reflect common loyalties, mutual benefits, and mutual interests and employees of such association members. To be eligible, the association should hold regular membership meetings or it should sponsor other activities that provide for contact among members. This regulation may not be interpreted so broadly to include association groups or individuals solely on the basis of common goals, causes or objectives.

Membership is limited to real persons. Business entities are not eligible for membership, but employees of such member entities are eligible.

Well-Defined Area

The same county and counties contiguous to the county in which the main office or a branch office of the credit union is located.

Branch

A facility operated by one or more full-time credit union employees at which members may deposit and withdraw funds and apply for loans.

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