TeachMeFinance.com - explain mutual association
mutual association -- a savings association structured so that its members, made up of depositors, and in some cases its borrowers, have the right to elect the board of directors. A mutual association does not issue capital stock, and thus, its members do not share in profits of the association. See stock association.
stock association -- a savings and loan association that sells stock to raise capital. It is owned by those who buy its stock, called shareholders, and they may share in profits earned by the association. See mutual association.
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