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12 U.S.C. § 1760 — Members’ meetings

submitted 92 years ago by ch. 750 to r/title-12-BANKS-AND-BANKING · 84 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section sets the fiscal year and meeting rules for Federal credit unions. Each member has one vote, with limited rules for voting through an agent.

The fiscal year for every Federal credit union ends on December 31. Each annual meeting must be held where the bylaws say. Special meetings may be held as the bylaws allow. A member may not vote by proxy, but a member that is not a natural person may vote through an agent appointed for that purpose. No member may cast more than one vote, no matter how many shares the member owns.
the actual law source: uscode.house.gov ↗public domain

The fiscal year of all Federal credit unions shall end December 31. The annual meeting of each Federal credit union shall be held at such place as its bylaws shall prescribe. Special meetings may be held in the manner indicated in the bylaws. No member shall be entitled to vote by proxy, but a member other than a natural person may vote through an agent designated for the purpose. Irrespective of the number of shares held, no member shall have more than one vote.

Source credit: (June 26, 1934, ch. 750, title I, § 110, formerly § 10, 48 Stat. 1219; renumbered § 11, Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 631; amended Pub. L. 88–150, § 1, Oct. 17, 1963, 77 Stat. 270; renumbered title I, § 110, Pub. L. 91–468, § 1(2), Oct. 19, 1970, 84 Stat. 994; amended Pub. L. 97–320, title V, § 519, Oct. 15, 1982, 96 Stat. 1531.)

history & why it existsrecord from the source credit
  • 1934Enacted · Act of June 26, 1934, ch. 750 · 48 Stat. 1219
  • 1959Amended · Pub. L. 86-354 · 73 Stat. 631
  • 1963Amended · Pub. L. 88-150 · 77 Stat. 270
  • 1970Amended · Pub. L. 91-468 · 84 Stat. 994
  • 1982Amended · Pub. L. 97-320 · 96 Stat. 1531

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

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