As used in Section 2001 et seq. of this title:

1. 1. “Credit union” means a cooperative nonprofit society incorporated for the purpose of promoting thrift among its members, and creating a source of credit for them at legitimate rates of interest for provident or productive purposes;
2. 2. “Credit union organization” means any organization that is established primarily to serve the needs of credit unions and whose business relates to the daily operations of the credit unions served by such credit union organization;
3. 3. “Paid-in and unimpaired capital and surplus” means the balance of all paid-in share accounts and other deposits, less any loss for which no reserve has been established or which has not been charged against undivided earnings, plus the credit balance, or less the debit balance, of undivided earnings, after all losses have been provided for and net earnings or net losses have been added thereto or deducted therefrom. Reserves shall not be considered as a part of surplus; and
4. 4. “Underserved areas” means the same as provided for in 12 U.S.C., Section 1759.

Laws 1941, p. 11, § 1; Amended by Laws 1965, c. 496, § 1, emerg. eff. July 19, 1965; Amended by Laws 1995, c. 151, § 1, emerg. eff. May 2, 1995; Amended by Laws 2026, SB 1623, c. 227, § 1, eff. November 1, 2026 (superseded document available).