Minnesota Statutes 52.001 – Definitions
Subdivision 1.Application.
For purposes of this chapter, the terms defined in this section have the meanings given.
Subd. 2.Board.
Terms Used In Minnesota Statutes 52.001
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Minnesota Statutes 645.44
- state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44
Terms Used In Minnesota Statutes 52.001
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Minnesota Statutes 645.44
- state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44
“Board” means the board of directors of a credit union.
Subd. 3.Commissioner.
“Commissioner” means the commissioner of the Department of Commerce.
Subd. 4.Credit union.
“Credit union” means a cooperative, not-for-profit financial institution formed and operating under this chapter.
Subd. 5.Community.
“Community” means an identifiable local neighborhood, community, rural district, or other geographically well-defined area in which individuals have common interests or interact. “Well-defined” means the proposed area has specific geographic boundaries, including a school district, city, township, county, or clearly identifiable neighborhood, but does not include the state as a whole.
Subd. 6.Director.
“Director” means a member of the board.
Subd. 7.Federal credit union.
“Federal credit union” means a credit union organized and operating under the laws of the United States.
Subd. 8.Insolvent.
“Insolvent” means the condition that results when the cash value of assets realizable in a reasonable period of time is less than the liabilities that must be met within that time.
Subd. 9.Member.
“Member” means a person whose application for membership has been approved as meeting the membership criteria of the credit union, who has paid any required entrance or membership fee, and who has paid for one or more shares.
Subd. 10.Organization.
“Organization” means any corporation, association, partnership, limited liability company, cooperative, trust, or other legal entity.
Subd. 11.Out-of-state credit union.
“Out-of-state credit union” means a credit union organized under the laws of another state or United States territory or possession.
Subd. 12.Small group.
“Small group” means a group that has less than 500 potential members that has made a written request to a credit union for credit union services.
Subd. 13.Unsafe or unsound practice.
“Unsafe or unsound practice” means any action or lack of action that is contrary to generally accepted standards of prudent operation and that poses an abnormal risk of loss to the credit union or its members.