12 U.S. Code § 1761 - Management

(a) Board of directors, credit committee, and supervisory committee; election to board
The management of a Federal credit union shall be by a board of directors, a supervisory committee, and where the bylaws so provide, a credit committee. The board shall consist of an odd number of directors, at least five in number, to be elected annually by and from the members as the bylaws provide. Any vacancy occurring on the board shall be filled until the next annual election by appointment by the remainder of the directors.
(b) Membership on supervisory committee; names and addresses of officers and committee members
The supervisory committee shall be appointed by the board of directors and shall consist of not less than three members nor more than five members, one of whom may be a director other than the compensated officer of the board. A record of the names and addresses of the executive officers, members of the supervisory committee, credit committee, and loan officers, shall be filed with the Administration within ten days after their election or appointment.
(c) Compensation
No member of the board or of any other committee shall, as such, be compensated, except that reasonable health, accident, similar insurance protection, and the reimbursement of reasonable expenses incurred in the execution of the duties of the position shall not be considered compensation.


(June 26, 1934, ch. 750, title I, § 111, formerly § 11,48 Stat. 1219; June 15, 1940, ch. 366, 54 Stat. 398; July 31, 1946, ch. 711, §§ 3–6,60 Stat. 745; 1947 Reorg. Plan No. 1, § 401, eff. July 1, 1947, 12 F.R. 4534, 61 Stat. 952; June 29, 1948, ch. 711, §§ 1, 2,62 Stat. 1091; Oct. 25, 1949, ch. 713, § 2,63 Stat. 890; June 30, 1954, ch. 426, § 1,68 Stat. 335; Aug. 24, 1954, ch. 905, §§ 1, 2,68 Stat. 792; renumbered § 12 and amended Pub. L. 86–354, § 1,Sept. 22, 1959, 73 Stat. 632; Pub. L. 88–353, § 2,July 2, 1964, 78 Stat. 269; Pub. L. 91–206, § 2(3),Mar. 10, 1970, 84 Stat. 49; renumbered title I, § 111,Pub. L. 91–468, § 1(2),Oct. 19, 1970, 84 Stat. 994; amended Pub. L. 93–495, title I, § 116,Oct. 28, 1974, 88 Stat. 1507; Pub. L. 95–630, title V, § 502(b),Nov. 10, 1978, 92 Stat. 3681; Pub. L. 97–320, title V, § 520,Oct. 15, 1982, 96 Stat. 1531.)

1982—Pub. L. 97–320substituted provisions divided into subsecs. (a), (b), and (c) relating to the management of a Federal credit union, including the board of directors, credit and supervisory committees, and the matter of their compensation, for provisions which read as follows: “The business affairs of a Federal credit union shall be managed by a board of not less than five directors, and a credit committee of not less than three members, all to be elected at the annual members’ meeting by and from the members, and by a supervisory committee of not less than three members nor more than five members, one of whom may be a director other than the treasurer, to be appointed by the board. Any vacancy occurring in the supervisory committee shall be filled in the same manner as original appointments to such committee. All members of the board and of such committees shall hold office for such terms, respectively, as the bylaws may provide. A record of the names and addresses of the members of the board and such committees and of the officers of the credit union shall be filed with the Administration within ten days after their election or appointment. No member of the board or of either such committee shall, as such, be compensated: Provided, however, That reasonable health, accident, and similar insurance protection shall not be considered compensation under regulations promulgated by the Board.”
1978—Pub. L. 95–630substituted “Board” for “Administrator”.
1974—Pub. L. 93–495inserted proviso relating to compensation in the form of health, accident, and similar insurance protection.
1970—Pub. L. 91–206substituted “Administration” for “Bureau”.
1964—Pub. L. 88–353increased size of supervisory committee from three members to not less than three members nor more than five members.
1959—Pub. L. 86–354provided for appointment instead of election of members of supervisory committee and for filling of vacancies in such committee, and struck out former subsecs. (b) to (e) relating to officers, directors, credit committee and supervisory committee. See sections 1761a to 1761d of this title, respectively.
1954—Subsecs. (b), (c). Act Aug. 24, 1954, provided express authority for the Director of the Bureau of Federal Credit Unions to regulate the minimum amount and character of surety bonds for officers and employees.
Subsec. (c). Act June 30, 1954, inserted provision with respect to interest refunds.
1949—Subsec. (d). Act Oct. 25, 1949, substituted “$400” for “$300” wherever appearing.
1946—Subsec. (c). Act July 31, 1946, struck out “fix the amount and character of the surety bond required of any officer having custody of funds” and inserted “require any officer or employee having custody of or handling funds to give bond with good and sufficient surety in an amount and character to be determined, from time to time, by the board and authorize the payment of the premium or premiums therefor from the funds of the Federal credit union”.
Subsec. (d). Act July 31, 1946, struck out requirement that notice of meeting of the credit committee must be given by the treasurer and increased the maximum amount of an unsecured loan to a member from $100 to $300.
Subsec. (e). Act July 31, 1946, inserted last sentence defining “passbook”.
1940—Subsec. (d). Act June 15, 1940, substituted “$100” for “$50” in fourth sentence.
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.

The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.

The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013

An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.

12 USCDescription of ChangeSession YearPublic LawStatutes at Large

This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.

12 CFR - Banks and Banking



LII has no control over and does not endorse any external Internet site that contains links to or references LII.