Code of Alabama
Ala. Code § 5-17-1 (2026)
“Credit Union” Defined.
✓ official Alabama Legislature (ALISON) text, laws through the 2026 Regular Session
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.)
Notes of Decisions
Cited in 2
cases, 1980–1986 · leading case: Alabama Cent. Credit Union v. United States, 646 F. Supp. 1199 (N.D. Ala. 1986).
Alabama Cent. Credit Union v. United States, 646 F. Supp. 1199 (N.D. Ala. 1986). “The plaintiff, Alabama Central Credit Union (hereinafter “ACCU”), is a credit union chartered and operating pursuant to the provisions of Code of Alabama (1975), §§ 5-17-1, et seq. ACCU’s membership presently includes individual officers, directors and employees of other credit…”
Davis v. Redstone Fed. Credit Union, 401 So. 2d 52 (Ala. 1980). “This is identical to the stated legislative purpose for those credit unions chartered under the laws of Alabama, Code 1975, § 5-17-1, as well as other states. See, e.”
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