Minnesota § 52.001 - DEFINITIONS
Full text of Minnesota Minnesota Statutes § 52.001 — DEFINITIONS, with citation guidance and answers to common questions.
§ 52.001. DEFINITIONS
Subdivision 1.Application.
For purposes of this chapter, the terms defined in this section have the meanings given.
Subd. 2.Board.
"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.
History:
Official Publication of the State of Minnesota
Revisor of Statutes
Frequently Asked Questions About Minnesota § 52.001
What does Minnesota Statutes § 52.001 cover?
Section 52.001 ("DEFINITIONS") is part of the Minnesota Statutes, the codified statutory law of Minnesota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Minnesota § 52.001?
A common citation format is "Minnesota Statutes § 52.001" (Minnesota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Minnesota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Minnesota official source linked on this page or consult a licensed Minnesota attorney.
How does Minnesota § 52.001 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Minnesota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Minnesota.