Consent of liquidating trust
(K) "Membership share" means a share of the credit union, the subscription to which shall be a prerequisite for membership in the credit union.
(L) "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.
Nothing herein contained shall be deemed to prohibit a credit union from taking title to real estate in connection with a default in the payment of a loan, provided that title to such real estate shall not be held by the credit union for more than two years without the prior written approval of the superintendent.
A credit union also may lease space in any real estate it acquires in accordance with rules adopted by the superintendent.
As used in this chapter, unless the context otherwise requires: (A) "Credit union" means a corporation organized and qualified as such under this chapter.
In addition to the powers enumerated in this chapter and unless restricted in this chapter, every credit union has the general powers conferred upon corporations by Chapter 1701. A credit union is a nonprofit cooperative financial institution and as such is organized and operates for the mutual benefit and general welfare of its members with the earnings, savings, benefits, or services of the credit union being distributed to its members as patron savers and borrowers and not to its members as individuals.
(G) "Person" includes, without limitation, an individual, a corporation, an unincorporated society or association, or any other organization of individuals.
(H) "Articles" includes original articles of incorporation, agreements of merger, amended articles, and amendments to any of these.
A credit union is engaged in a business activity, and a regulator of that business activity has jurisdiction over the credit union, whether the credit union conducts the activity directly or a subsidiary or affiliate of the credit union conducts the activity. It is hereby declared to be the purpose of the general assembly in enacting Chapter 1733. 223, 401(d), 408, 408A, and 530, as amended, for its members or groups of its members, provided that the funds of such plans are invested in share accounts or share certificate accounts of the credit union.
(B) The authority of a credit union shall be subject to the following:(1) A credit union may not borrow money in excess of twenty-five per cent of its shares and undivided earnings, without prior specific authorization by the superintendent of credit unions.
(2) A credit union may not pay a commission or other compensation to any person for securing members or for the sale of its shares, except that reasonable incentives may be made available directly to members or potential members to promote thrift.
(7) The superintendent may adopt rules appropriate to the formation and operation of student branches. Such share guarantee insurance may be obtained from the national credit union administration operating under the "Federal Credit Union Act," 84 Stat. of the Revised Code shall post a notice at all public entrances at its place of business and at each of its service facilities.
(D) A credit union may guarantee the signature of a member in connection with a transaction involving tangible or intangible property in which a member has or seeks to acquire an interest. The notice shall be not less than eight and one-half inches by eleven inches and shall include all of the following in not less than twenty-four point type:(1) A statement that members' accounts are insured by a share guaranty corporation; (2) The name of the share guaranty corporation; (3) A conspicuous underlined statement that reads as follows: "MEMBERS' ACCOUNTS ARE NOT INSURED OR GUARANTEED BY ANY GOVERNMENT OR GOVERNMENT-SPONSORED AGENCY." (B) The notice required by division (A) of this section shall be approved by the superintendent of credit unions and copies of the approved notice shall be furnished to its participating credit unions by the share guaranty corporation at no cost to the credit unions.
(B) "Corporate credit union" means a credit union, eligibility for membership in which is being a credit union qualified to do business in this state.