Page:United States Statutes at Large Volume 73.djvu/666

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[73 Stat. 628]
[73 Stat. 628]
PUBLIC LAW 86-000—MMMM. DD, 1959

628

PUBLIC LAW 86-364-SEPT. 22, 1969

[73 S T A T.

Public Law 86-354 September 22, 1959 FH R

'

AN

83051

Federal C r e d i t Union Act.

ACT

To amend the Federal Credit Union Act. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Federal Credit Union Act (48 Stat. 1216; 12 U.S.C. secs. 1751-1772) is amended to read as follows: ((SHORT "SECTION

TITLE

1. This Act may be cited as the 'Federal Credit Union

Act'. "DEFINITIONS

"SEC. 2. As used in this Act— "(1) the term 'Federal credit union' means a cooperative association organized in accordance with the provisions of this Act for the purpose of promoting thrift among its members and creating a source of credit for provident or productive purposes; "(2) the term 'Bureau' means the Bureau of Federal Credit Unions; and "(3) the term 'Director' means the Director of the Bureau of Federal Credit Unions. ((CREATION

OF BUREAU

"SEC. 3. There shall be in the Department of Health, Education, and Welfare a Bureau of Federal Credit Unions, which shall be under the supervision of a Director appointed by the Secretary of Health, Education and Welfare. The Bureau of Federal Credit Unions and the Director shall be under the general direction and supervision of the Secretary. "FEDERAL CREDIT UNION ORGANIZATION

"SHC. 4. Any seven or more natural persons who desire to form a Federal credit union shall subscribe 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 par value of the shares, which shall be $5 each; "(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 Act. Such organization certificate may also contain any provisions approved by the Director 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.