Rural credit cooperatives  velocity credit union implemented in accordance with Article 40.1 of the Federal Law of December 8, 1995 N 193-FZ "On Agricultural Cooperation", which determines the characteristics of the rural credit cooperatives.

The credit cooperatives should be created financial mutual fund, the source of loans to members of credit cooperatives.

Financial mutual fund is formed from part of own funds of credit cooperatives and funds raised in credit cooperative in the form of loans from the cooperative members, associate members of the cooperative, credit and other lending institutions. In this case, loans are made only in cash. Size of the fund financial mutual, order of formation and use specified in the charter credit cooperative, the general meeting of the credit cooperative.

Temporarily free financial mutual fund balance for the general meeting of members of the credit cooperative can be transmitted through a loan agreement to fund financial mutual credit cooperative next level credit cooperative or used to purchase state and municipal securities, or to be deposited in banks.

Transfer credit cooperative members and associate members of the cooperative credit cooperative that vehicles other than shares, and loans to members of the cooperative are made by the loan agreement concluded in written form.

Loan agreement may be interest and non-interest bearing. Terms of the contract-free defined by the relevant regulations approved by the general meeting of the credit cooperative.
Credit Cooperative in accordance with its charter and the decisions of the general meeting of the credit cooperative may assist its members and associate members of the cooperative credit counseling and other appropriate purposes of its activity services.

Credit cooperative shall not:

• lend to individuals or legal entities that are not members of credit cooperatives;
• to issue its own securities;
• buy shares and other securities of other issuers, perform other operations on the financial and capital markets, with the exception of holding funds in current and deposit accounts at banks and purchases of government and municipal securities;
• to raise funds in the form of loans from individuals or legal entities that are not members of the cooperative or associate members of the cooperative.
•
Rate of interest paid for the use of credit cooperative funds raised in the form of loans from its members and associate members, the board determined the credit cooperative in accordance with the provisions of the credit cooperative loans, approved by the general meeting of the credit cooperative. The amount of money paid by credit cooperative to its members and associate members in the form of interest on loans received from them, is included in the amount of expenses credit cooperative.

Credit cooperative shall  velocity credit union :

• establish a reserve fund for contingencies;
• insure exposure to bad loans on the death or disability of the borrower.
•
Charter agricultural credit cooperative shall contain the following information:

• The name of the cooperative;
• location of the cooperative;
• the period of the cooperative or indication beochny nature of the cooperative;
• the subject and purpose of the cooperative. It is sufficient to identify one of the main activities of the cooperative, indicating that the cooperative may engage in any activity within the purposes for which the cooperative is formed;
• the procedure and conditions of the cooperative, the grounds and procedures for termination of membership in the cooperative;
• terms of the amount of shares of the cooperative;
• the composition and procedure of shares, liability for breach of obligations under the application;
• size and conditions of formation of the indivisible funds, if any;
• conditions of education and the use of other funds of the cooperative;
• the allocation of profits and losses of the cooperative;
• terms of vicarious liability of the members of the cooperative in the amount not lower than the present Federal Law;
• the composition and competence of the cooperative management, decision-making rules, including on matters requiring a unanimous decision or a decision by qualified majority;
• The rights and obligations of the cooperative members and associate members of the cooperative;
• the nature of the order and the minimum amount of personal labor participation in the production cooperative, responsible for the breach of an obligation by the personal labor participation;
• the start and end of the financial year;
• procedure for assessment of land, land shares and other property contributed to the expense of share contribution;
• The order of publication of information on the state registration, liquidation and reorganization in the official organ of the cooperative;
• the procedure and conditions for reorganization and liquidation of the cooperative;
• the conditions and procedure for issuing loans to credit cooperative to its members;
• the conditions and procedures for obtaining credit cooperative loans from its members and associate members of the  velocity credit union .