12 U.S.C. § 1753

Current through P.L. 118-107 (published on www.congress.gov on 11/21/2024)

Section 1753 - Federal credit union organization

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.

12 U.S.C. § 1753

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 §502(b), Nov. 10, 1978, 92 Stat. 3681; Pub. L. 97-320 §§503, 504, Oct. 15, 1982, 96 Stat. 1528.

EDITORIAL NOTES

AMENDMENTS1982- Pub. L. 97-320 §503, substituted "each subscribe either individually or collectively" for "subscribe".Par. (4). Pub. L. 97-320 §504, substituted "the initial par value of the shares" for "the par value of the shares, which shall be $5 each".1978- Pub. L. 95-630 substituted "Board" for "Administrator". 1970- Pub. L. 91-206 substituted "Administrator" for "Director".1959- Pub. L. 86-354 changed "The" to "the" in subsecs. (1) to (7) and the period to a semicolon in subsecs. (1) to (6) and inserted "and" at end of subsec. (6).

STATUTORY NOTES AND RELATED SUBSIDIARIES

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 of Pub. L. 95-630 set out as a note under section 1752 of this title.

EXECUTIVE DOCUMENTS

TRANSFER OF FUNCTIONSTransfer 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.

Director: The term "Director" means the Director of the Bureau.
State: The term "State" means any State, territory, or possession of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, Guam, American Samoa, or the United States Virgin Islands or any federally recognized Indian tribe, as defined by the Secretary of the Interior under section 5131(a) of title 25.
credit: The term "credit" means the right granted by a person to a consumer to defer payment of a debt, incur debt and defer its payment, or purchase property or services and defer payment for such purchase.