(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:
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(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” 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 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.