§ 103 — Definitions

The following words and phrases when used in this title shall have the meanings given to them in this section unless the context clearly indicates otherwise:

"Activity."A transaction by a member on a loan, share account, share draft account or certificate or a verbal or written communication between the member and the credit union in which the member indicates an awareness or interest in funds deposited by the member in the credit union.

"Branch."A subsidiary office of the credit union which is capable of offering the same or approximately the same level of service to members that can be found at the principal office of the credit union. The term includes a branch credit union, branch office, branch agency, additional office other than a service facility and branch place of business.

"Community development credit union."A credit union which is designated as a low-income credit union by the department.

"Corporate credit union."A credit union which is operated primarily for the purpose of serving other credit unions, is designated by the National Credit Union Administration as a corporate credit union, is subject to the provisions of sections 301(b) (relating to purposes) and 502 (relating to powers of central or corporate credit unions) and limits natural person members to the minimum number required to charter and operate the credit union.

"Department."The Department of Banking and Securities of the Commonwealth.

"Federal credit union."A credit union organized in accordance with the provisions of the Federal Credit Union Act (48 Stat. 1216, 12 U.S.C. § 1751 et seq.).

"Insolvent"or"insolvency."The condition of a credit union when total shares exceed the present cash value of assets after providing for liabilities.

"Officer."Any of the following:

(1) The chief executive officer or equivalent.

(2) The president.

(3) The chief financial officer or equivalent.

(4) The treasurer.

(5) The secretary.

(6) Any assistant chief executive officers or their equivalents, including vice presidents.

"Out-of-State credit union." A credit union incorporated under the laws of another state.

"Retained earnings." (Deleted by amendment).

"Secretary." (Deleted by amendment).

"Service facility." A subsidiary office of the credit union such as an automated teller machine, kiosk or other type of facility as determined by the department which is not capable of offering the same or approximately the same level of service that can be found at the principal office of the credit union.

"Shares." All savings including regular shares, share drafts, share certificates and other savings.

"Total equity capital." Regular reserve and undivided earnings.

"Total equity capital and reserves." (Deleted by amendment).

"Unimpaired capital." Total unencumbered shares.

"Volunteer." An individual who receives no compensation. Reasonable health, accident and similar insurance protection and the reimbursement of reasonable expenses incurred in the discharge of the duties of the volunteer's position are not compensation.

Legislative History

(Dec. 12, 1994, P.L.1067, No.146, eff. 60 days; Dec. 9, 2002, P.L.1572, No.207, eff. 60 days; June 18, 2014, P.L.754, No.62, eff. 60 days) 2014 Amendment.Act 62 amended the defs. of "community development credit union," "department" and "service facility," added the def. of "officer" and deleted the def. of "secretary." 2002 Amendment.Act 207 amended the defs. of "service facility" and "unimpaired capital," added the defs. of "community development credit union," "corporate credit union," "insolvent" or "insolvency" and "secretary" and deleted the defs. of "retained earnings" and "total equity capital and reserves." 1994 Amendment.Act 146 added the defs. of "retained earnings," "shares," "total equity capital," "total equity capital and reserves" and "unimpaired capital."