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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. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.