Section 5-17-1 "Credit union" defined. - Alabama Statutes

Section 5-17-1

"Credit union" defined.

A credit union is a cooperative society, incorporated for the twofold purpose of promoting thrift among its members and creating a source of credit for them at legitimate rates of interest, particularly among groups of industrial workers and farmers, fraternal and religious organizations, and in those communities where the citizens of the state are distantly removed from convenient centers of business or easy access to financial agencies now provided for by laws of Alabama.

(Acts 1927, No. 597, p. 696, §1; Code 1940, T. 28, §282; Acts 1975, No. 561, §1; Acts 1977, No. 210, p. 282, §3; Acts 1978, No. 469, p. 492, §5.)