A. An organization comprised primarily of individuals who are eligible for membership in the credit union, and a corporation a majority of whose stockholders, by number, are such individuals, may be included in the field of membership. Additionally, an organization, one of whose principal functions is to provide services to persons who are eligible for membership in the credit union, may be admitted to membership.

Terms Used In Arizona Laws 6-522

  • Corporate credit union: means a credit union whose field of membership consists of other credit unions and organizations or associations owned by or composed of credit unions and corporations or associations that primarily serve credit unions. See Arizona Laws 6-501
  • 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.
  • Credit union: means a cooperative nonprofit association that is incorporated under this chapter for the purposes of encouraging thrift among its members and creating a source of credit and other financial services at fair and reasonable cost. See Arizona Laws 6-501
  • Organization: means any corporation, association, partnership, society, firm, syndicate, trust or other legal entity. See Arizona Laws 6-501

B. A credit union or corporate credit union may accept as a member any other credit union organized under this chapter or any other credit union law.

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