The purpose of limiting membership is to create a little community in which people know each other well enough so that they can lend money to each other on character without paid investigators, collections agents, and the usual paraphernalia of the small loan business. Democratic control of the credit union is safeguarded by the fact that each member has only one vote, thus avoiding domination by a few large investors. This, too, helps make it intimate.
Posted on: Tue, 18 Jun 2013 01:15:26 +0000
Trending Topics
Recently Viewed Topics
© 2015