12 U.S.C. § 1761 — Management

submitted 92 years ago by ch. 750 to r/title-12-BANKS-AND-BANKING · 222 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section sets the governing bodies and basic election rules for Federal credit unions. It also limits committee compensation and requires officials’ names and addresses to be filed.

(a) Board and committees. A Federal credit union is managed by a board of directors, a supervisory committee, and, if the bylaws provide, a credit committee. The board must have an odd number of directors, at least five. The members elect the directors each year from among the members as the bylaws provide. If a seat becomes vacant, the remaining directors appoint someone to serve until the next annual election.

(b) Supervisory committee and records. The board appoints the supervisory committee. It must have at least three and no more than five members. One may be a director, but not the board’s compensated officer. Within 10 days after election or appointment, the names and addresses of executive officers, supervisory-committee members, credit-committee members, and loan officers must be filed with the Administration.

(c) Compensation. A board or committee member may not be paid for serving in that role. Reasonable health, accident, or similar insurance and reimbursement of reasonable job-related expenses do not count as compensation.

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

(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.

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.

Source credit: (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.)

history & why it existsrecord from the source credit

1934Enacted · Act of June 26, 1934, ch. 750 · 48 Stat. 1219
1940Amended · Act of June 15, 1940, ch. 366 · 54 Stat. 398
1946Amended · Act of July 31, 1946, ch. 711 · 60 Stat. 745
1948Amended · Act of June 29, 1948, ch. 711 · 62 Stat. 1091
1949Amended · Act of Oct. 25, 1949, ch. 713 · 63 Stat. 890
1954Amended · Act of June 30, 1954, ch. 426 · 68 Stat. 335
1954Amended · Act of Aug. 24, 1954, ch. 905 · 68 Stat. 792
1959Amended · Pub. L. 86-354 · 73 Stat. 632
1964Amended · Pub. L. 88-353 · 78 Stat. 269
1970Amended · Pub. L. 91-206 · 84 Stat. 49
1970Amended · Pub. L. 91-468 · 84 Stat. 994
1974Amended · Pub. L. 93-495 · 88 Stat. 1507
1978Amended · Pub. L. 95-630 · 92 Stat. 3681
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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