MUTUAL ASSOCIATION
\mjˈuːt͡ʃuːə͡l ɐsˈə͡ʊsɪˈe͡ɪʃən], \mjˈuːtʃuːəl ɐsˈəʊsɪˈeɪʃən], \m_j_ˈuː_tʃ_uː_əl ɐ_s_ˈəʊ_s_ɪ__ˈeɪ_ʃ_ə_n]\
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Owned by its depositors and sometimes borrowers, who are referred to as members in a saving and loan association. The members elect directors to its board of trustees. Members have no direct claim to the association's earnings and mutual associations do not issue stock shares. Credit unions are a type of mutual association.
By Henry Campbell Black
