(June 26, 1934, ch. 750, title I, § 113, formerly § 14, as added Pub. L. 86–354, § 1,Sept. 22, 1959, 73 Stat. 632; amended Pub. L. 88–353, § 3,July 2, 1964, 78 Stat. 269; Pub. L. 90–375, § 1(4),July 5, 1968, 82 Stat. 284; Pub. L. 91–206, § 2(1),Mar. 10, 1970, 84 Stat. 49; renumbered title I, § 113,Pub. L. 91–468, § 1(2),Oct. 19, 1970, 84 Stat. 994; amended Pub. L. 93–383, title VII, § 723,Aug. 22, 1974, 88 Stat. 719; Pub. L. 95–22, title III, § 309,Apr. 19, 1977, 91 Stat. 53; Pub. L. 95–630, title V, § 502(b),Nov. 10, 1978, 92 Stat. 3681; Pub. L. 97–320, title V, § 522,Oct. 15, 1982, 96 Stat. 1532; Pub. L. 97–457, § 28,Jan. 12, 1983, 96 Stat. 2510; Pub. L. 100–86, title VII, §§ 704(b),
705,Aug. 10, 1987, 101 Stat. 652.)
References in Text
This subchapter, referred to in par. (8), probably should have been a reference to this title in the original, meaning title I of act June 26, 1934, ch. 750, which is classified generally to this subchapter.
Provisions similar to those comprising this section were contained in section 11(c) of act June 26, 1934, ch. 750, 48 Stat. 1219
(formerly classified to section
of this title), prior to the amendment and renumbering of act June 26, 1934, by Pub. L. 86–354
1987—Par. (1). Pub. L. 100–86
, § 705, substituted “of the credit union” for “of the board of directors”.
Par. (2). Pub. L. 100–86
, § 704(b), amended par. (2) generally. Prior to amendment, par. (2) read as follows: “require any officer or employee having custody of or handling funds to give bond with good and sufficient surety in an amount and character in compliance with regulations of the Board, and authorize the payment of the premium or premiums therefor from the funds of the Federal credit union;”.
1983—Pub. L. 97–457
, § 28(1), substituted “direction” for “directions” after “shall have the general”.
Par. (2). Pub. L. 97–457
, § 28(2), substituted “union” for “unions” after “Federal credit”.
Par. (9). Pub. L. 97–457
, § 28(3), inserted “by” after “interest paid”.
Par. (15). Pub. L. 97–457
, § 28(4), substituted “meeting” for “meetings” after “previous monthly”.
1982—Pub. L. 97–320
, § 522, substituted provisions relating to the board of directors, its meetings, powers, and duties, membership officers and membership applications, for provisions which read as follows: “The board of directors shall meet at least once a month and shall have the general direction and control of the affairs of the corporation. Minutes of all such meetings shall be kept. Among other things they shall act upon applications for membership; 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 by the board of directors in compliance with regulations prescribed 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; fill vacancies in the board and in the credit committee until successors elected at the next annual meeting have qualified; have charge of investments other than loans to members, except that the board may designate a committee of not less than two to act as an investment committee, such investment committee to have charge of making investments under rules and procedures established by the board of directors; determine from time to time the maximum number of shares and share certificates and the classes of shares and share certificates that may be held; subject to the limitations of this chapter, determine the interest rates on loans, the security, and the maximum amount which may be loaned or provided in lines of credit; subject to such regulations as may be issued by the Board, authorized an interest refund to members of record at the close of business on the last day of any dividend period in proportion to the interest paid by them during that dividend period; and provide for compensation of necessary clerical and auditing assistance requested by the supervisory committee, and of loan officers appointed by the credit committee. The board may appoint an executive committee of not less than three directors to exercise such authority as may be delegated to it subject to such conditions and limitations as may be prescribed by the board. Such executive committee or one or more membership officers appointed by the board from among the members of the credit union, other than the treasurer, an assistant treasurer, or a loan officer, may be authorized by the board to approve applications for membership under such conditions as the board may prescribe; except that such committee or membership officer so authorized shall submit to the board at each monthly meeting a list of approved or pending applications for membership received since the previous monthly meeting, together with such other related information as the bylaws or the board may require. If a membership application is denied, the reasons therefor shall be furnished in writing to the person whose application is denied, upon written request.”
1978—Pub. L. 95–630
substituted “Board” for “Administrator” in two places.
1977—Pub. L. 95–22
substituted “and share certificates and the classes of shares and share certificates that may be held” for “that may be held by an individual” and “, the security, and the maximum amount which may be loaned or provided in lines of credit” for “and the maximum amount which may be loaned with or without security to any member”.
1974—Pub. L. 93–383
inserted provisions authorizing designation of a committee of not less than two to act as an investment committee and provisions relating to denial of a membership application, substituted “one or more membership officers” for “a membership officer”, and substituted provisions relating to exercise of authority by the executive committee for provisions setting forth specified functions of the executive committee.
1970—Pub. L. 91–206
substituted “Administrator” for “Director” in two places.
1968—Pub. L. 90–375
substituted “the purchase and sale of securities, the borrowing of funds, and the making of loans to other credit unions” for “the purchase and sale of securities or the making of loans to other credit unions, or both”.
1964—Pub. L. 88–353
substituted “the last day of any dividend period in proportion to the interest paid by them during that dividend period” for “December 31 in proportion to the interest paid by them during that year”.
Effective Date of 1978 Amendment
Amendment by Pub. L. 95–630
effective 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
of this title.