sentences:  In the tradition of their founders, co-operative members believe in the ethical values of honesty, openness, social responsibility and caring for others.” Schulze-Delitzsch is credited with developing the bond of association which still forms the legal basis for credit unions today.Unlike many of his contemporaries, Schulze-Delitzsch recognized that the functions of retail lending and purchasing business inputs were best kept separate in the interests of sound cooperative management.In 1852 Schulze-Delitzsch consolidated the learning from two pilot projects, one in Eilenburg and the other in Delitzsch into what are generally recognized as the first credit unions in the world.