Any seven or more natural persons who desire to form a Federal credit union shall each subscribe either individually or collectively before some officer competent to administer oaths an organization certificate in duplicate which shall specifically state:
(1)the name of the association;
(2)the location of the proposed Federal credit union and the territory in which it will operate;
(3)the names and addresses of the subscribers to the certificate and the number of shares subscribed by each;
(4)the initial par value of the shares;
(5)the proposed field of membership, specified in detail;
(6)the term of the existence of the corporation, which may be perpetual; and
(7)the fact that the certificate is made to enable such persons to avail themselves of the advantages of this chapter.
Such organization certificate may also contain any provisions approved by the Board for the management of the business of the association and for the conduct of its affairs and relative to the powers of its directors, officers, or stockholders.
1959—Pub. L. 86–354changed “The” to “the” in subsecs. (1) to (7) and the period to a semicolon in subsecs. (1) to (6) and inserted “and” at end of subsec. (6).
Effective Date of 1978 Amendment
Amendment by Pub. L. 95–630effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 ofPub. L. 95–630, set out as a note under section
1752 of this title.
Transfer of Functions
Transfer of functions of Farm Credit Administration and Governor thereof, generally, see notes set out under section
1751 of this title.
Functions of Governor of Farm Credit Administration under this section transferred to Federal Deposit Insurance Corporation by Reorg. Plan No. 1 of 1947.
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The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
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Statutes at Large
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