12 U.S.C. § 1753 — Federal credit union organization

submitted 92 years ago by ch. 750 to r/title-12-BANKS-AND-BANKING · 170 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section concerns federal credit union organization. It sets out the rules in the supplied section.

Any seven or more natural persons who desire to form a Federal credit union must each subscribe either individually or collectively before some officer competent to administer oaths an organization certificate in duplicate which must 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.

the actual law source: uscode.house.gov ↗public domain

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.

Source credit: (June 26, 1934, ch. 750, title I, § 103, formerly § 3, 48 Stat. 1217; 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; renumbered § 4 and amended Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 628; Pub. L. 91–206, § 2(1), Mar. 10, 1970, 84 Stat. 49; renumbered title I, § 103, Pub. L. 91–468, § 1(2), Oct. 19, 1970, 84 Stat. 994; amended Pub. L. 95–630, title V, § 502(b), Nov. 10, 1978, 92 Stat. 3681; Pub. L. 97–320, title V, §§ 503, 504, Oct. 15, 1982, 96 Stat. 1528.)

history & why it existsrecord from the source credit

1934Enacted · Act of June 26, 1934, ch. 750 · 48 Stat. 1217
1948Amended · Act of June 29, 1948, ch. 711 · 62 Stat. 1091
1959Amended · Pub. L. 86-354 · 73 Stat. 628
1970Amended · Pub. L. 91-206 · 84 Stat. 49
1970Amended · Pub. L. 91-468 · 84 Stat. 994
1978Amended · Pub. L. 95-630 · 92 Stat. 3681
1982Amended · Pub. L. 97-320 · 96 Stat. 1528

A history note hasn’t been published yet. The record shows enactment by ch. 750 on 1934-06-26.

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