As used in this chapter, unless the context requires otherwise: (1) Assets means property, a right or a claim with future objectively measurable value that is owned or effectively controlled by a credit union. (2) Capital means a credit unions reserves, undivided earnings and allowances for loan loss. (3) Corporate central credit union means a cooperative organization whose members consist primarily of other credit unions and whose purposes are: (a) To accumulate and prudently manage the liquidity of its member credit unions through interlending and investment services; (b) To act as an intermediary for member credit unions to the payment systems and facilitate funds transfers between its member credit unions and other financial institutions or their agents; (c) To obtain liquid funds from other credit union organizations, financial intermediaries and other sources; and (d) To perform such other financial services that benefit its member credit unions and that are authorized in writing by the Director of the Department of Consumer and Business Services. (4) Department means the Department of Consumer and Business Services. (5) Director means the Director of the Department of Consumer and Business Services. (6) Equity means a credit unions reserves and undivided earnings. (7) Home state means the state in which the credit union is chartered. (8) Host state means the state in which a credit union conducts business, but that is not the home state. (9) Interstate credit union means a credit union chartered under the provisions of this chapter or under the authority of the laws of another state and operating in this state and in one or more other states. (10) Official means any of the following: (a) An individual who is or was a director or officer of the credit union; or (b) An individual who is or was a member of a credit unions credit committee or supervisory committee. (11) Regular reserve means an irrevocable reserve set aside to cover losses.
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