Feb 16, 2013 10:09 AM

Samantha B. Witching: What are the group's thoughts on Credit Unions? Open bonded, not employment related.

Scott Duncan: Credit Unions are COMMON LAW BANKS. USE THEM, because the rules are a LOT different. NO MONEY OF ACCOUNT. It' all Money of exchange, leveraging the fractional reserve system (Money of account).

its my understanding that licensing of banks is the reserve of the central bank, therefore the state has no jurisdiction?

I forget the significance now of what he said, but Scott has told me before that Canada is the only country in the world (i think) where the government has CHARTERED their banks- hence...why they are referred to as the Chartered Banks here

charter, n. (13c) 1. An instrument that establishes a body politic or other organization, or that grants rights, liberties, or powers to its citizens or members <Charter of the United Nations>. 2. An instrument by which a municipality is incorporated, specifying its organizational structure and its highest laws; specif., a written document making the persons residing within a fixed boundary, along with their successors, a corporation and body politic for and within that boundary, and prescribing the powers, privileges, and duties of the corporation.� A city charter trumps all conflicting ordinances. Also termed municipal charter. [Cases: Municipal Corporations "Municipal Charters.-� The charter issued to a municipality is in the nature of a constitution to it, being superior to all ordinances enacted by that municipality, though inferior in rank to all State laws of every kind." Frank Hall Childs, Where and How to Find the Law 8 (1922)

bank charter. A document issued by a governmental authority permitting a bank to conduct business. [Cases: Banks and Banking 6.] - Black's Law 9th