17:13-80. Definitions

125 words·~1 min read·/nj/title-17/chapter-13/17-13-80

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

For the purposes of this act:

a. "Board" means the board of directors of the credit union.

b. "Commissioner" means the Commissioner of Banking.

c. "Credit union" means any organization incorporated under the provisions of this act, or the laws of another state or the "Federal Credit Union Act," 48 Stat. 1216 (12 U.S.C. s. 1751 et seq.), which is a cooperative association organized for the purpose of promoting thrift among its members and creating a fund which will establish a source of credit for them for provident or productive purposes.

d. "Director" means a member of the board of directors.

e. "Member" means an owner of a share, deposit, or certificate in a credit union.

L.1984, c. 171, s. 2, eff. Oct. 31, 1984.