Typically, donor contributions to the credit unions are targeted and used in the same statutory requirements and restrictions as the Mutual Financial Aid fund as a whole. Typically new members of the credit union become citizens having suretyship or recommendations from their friends - members of the credit union. Is necessary that all shareholders of the credit union were members of a single community, would know each other well enough to enjoy mutual trust. First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries. At the organization of the credit union it is important that people know each other and know the extent to which each of them is trustworthy. Over 30% of the assets of credit unions are investments in government securities, certificates of deposit of banks and savings loan associations, as well as in the parent credit unions, and other risk-free investments. The relationship of shareholders with credit union are not client-based, they are co-operative, based on different principles and standards, in particular, on the principles of the law of obligations. Credit unions are financial institutions, financial cooperatives of citizens, and in this capacity they are above all associations of people, not unification of capitals, which is typical, for example, for public companies.
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Is necessary that all shareholders of the credit union were members of a single community, would know each other well enough to enjoy mutual trust. First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries. Typically new members of the credit union become citizens having suretyship or recommendations from their friends - members of the credit union.
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To get a loan in the credit union a shareholder must be not only a formally adopted there, but necessary pay in cash contributions, the amount and order of payment of which approved by the General Assembly and fixed by the charter. Until the 70's there was a proliferation of the U.S. credit unions due to the increase of their number and the number of shareholders, although it must be acknowledged that there was also and a qualitative growth. Credit unions of the open type are still controlled by their members, but at the same time provide services to people who are not its members (external customers). Initially, the target groups of credit unions were farmers (Raiffeisen), and now they include both individuals (credit unions), and organizations. Credit union as a consumer cooperative operates on the principles of equality of all its members.