mutual association definition

mutual association

Saving and loan association owned by its depositors and (in some cases) borrowers, both collectively referred to as members. Mutual associations do not issue shares (stock) and their members have no direct claim to their earnings, but the members have the right to elect directors to its board of trustees. Credit unions are a type of mutual association.

mutual association is in the Banking, Commerce & Finance, Investing and Securities & Futures Trading subjects.

mutual association appears in the definition of the following term: credit union

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