1301:9-1-01 Definitions.

(A) “Association member” means any member of a credit union other than a credit union or an individual member.

(B) “File” or “Filing” means the day on which any correspondence, document, etc. is received at the Ohio department of commerce, division of financial institutions.

(D) “Membership share” means a share of the credit union, the subscription to which shall be a prerequisite for membership in the credit union.

(E) “Net worth” means retained earnings as defined under “Generally Accepted Accounting Principals.” Retained earnings normally include individual earnings, regular reserves and any other appropriately designated by management or regulatory authority.

(F) “Person” includes, without limitation, an individual, a corporation, an unincorporated society or association, or any other organization of individuals.

(G) “Share account” means an account established for a member for which no share certificates are issued but which are included in the registry of shares, which includes all transactions of the credit union pertaining to such shares.

(H) “Superintendent of credit unions” means the “division of financial institutions” or the “superintendent of the division of financial institutions of this state”; and whenever the context requires it, may be read as “director of commerce” or as “chief of the division of financial institutions.” Whenever the division or superintendent of credit unions is referred to or designated in any statute, rule, contract, or other document, the reference or designation shall be deemed to refer to the division or superintendent of financial institutions, as the case may be.

(I) “Voting member” means an association member or an individual member who is qualified to vote as provided by law, rule, the articles, or the regulations.

Effective: 07/01/2006

R.C. 119.032 review dates: 11/15/2010

Promulgated Under: 119.03

Statutory Authority: 1733.41

Rule Amplifies: 1733.41