SECTION 95.100. Definitions

The following words and terms, when used in this chapter, shall have the following meanings, unless the context clearly indicates otherwise.

(1) "Act" means the Texas Credit Union Act (Texas Finance Code, Subtitle D).

(2) "Deposit" means a balance held by a credit union and established by a credit union member, another credit union, a governmental unit, or an authorized nonmember in accordance with standards specified by the credit union, including balances designated as deposits, deposit certificates, checking accounts or accounts by other names. A "deposit" is a debt which earns interest and is owed by the credit union to the account holder.

(3) "Federally-insured" means insured by the National Credit Union Administration (NCUA) through the National Credit Union Share Insurance Fund (NCUSIF) under Title II of the Federal Credit Union Act (12 USC Section 1781 et. seq.), or its successor.

(4) "Insuring organization" means a cooperative share insurance fund or a guaranty corporation or credit union that provides aid and financial assistance to credit unions that are in the process of liquidation or are incurring financial difficulty in order that the share and deposit accounts in the credit unions will be protected or guaranteed against loss up to a specified level for each account.

(5) "Membership share" means a share of the credit union which shall be the balance held by a credit union and established by a member in accordance with standards specified by the credit union. Each member may own only one membership share. In the case of a joint account, the account may serve to represent the membership of each of the joint owners who have applied for and were accepted as members, as long as a full membership share for each joint owner seeking membership is maintained in the account.

(6) "Participating credit union" means a credit union that has applied for and been admitted to participate in an insuring organization's program and whose participation has not been terminated.

(7) "Shares" means a balance held by a credit union and established in accordance with standards specified by the credit union including, but not limited to shares, share accounts, share certificates, share draft accounts or other such accounts. "Shares" may include membership shares. In addition, "shares" earn dividends.

Source Note: The provisions of this §95.100 adopted to be effective March 7, 2007, 32 TexReg 1064