78 S T A T. ]
PUBLK3 LAW 8 6 - 8 W - S B P T. 22.1969
"(8) to make deposits in national banks and in State banks, trust companies, and mutual savings banks operating in accordance with the laws of the State in which the Federal credit union does business; "(9) to borrow, in accordance with such rules and regulations as may be prescribed by the Director, from any source, in an aggregate amount not exceeding 50 per centum or its paid-in and unimpaired capital and surplus: Provided, That any Federal credit union may discount with or sell to any Federal intermediate credit bank any eligible obligations up to the aiaount of its paid-in and unimpaired capital; "(10) to levy late charges, in accordance with the bylaws, for failure of members to meet promptly their obligations to the Federal credit union; "(11) to impress and eiiforce a lien upon the shares and dividends of any member, to the extent of any loan made to him and any dues or charges payable by him; "(12) in accordance with rules and regulations prescribed by the Director, to sell to membsrs negotiable checks (including travelers checks) and monev orders, and to cash checks and money orders for members, to r a fee which does not exceed the direct and indirect costs incident to providing such service; and "(13) to exercise such incidental powers as shall be necessary or requisite to enable it to carry on effectively the business for which it is incorporated. "BYLAWS
"SEC. 9. In order to simplify the organization of Federal credit unions the Director shall from time to time cause to be prepared a form of organization certificate and a form of bylaws, consistent with this Act, which shall be used by Federal credit union incorporators, and shall be supplied to them on request. A t the time of presenting the organization certificate the incorporators shall also submit proposed bylaws to the Director for hib approval. "MEMBERSHIP
"SEC. 10. Federal credit union membership shall consist of the incorporators and such other persons and incorporated and unincorporated organizations, to the extent permitted by rules and regulations prescribed by the Director, as may be elected to membership and as such shall each, subscribe to at least one share of its stock and pay the initial installment thereon and the entrance fee; except that Federal credit union membership shall be limited to groups having a common bond of occupation or association, or to groups within a well-defined neighborhood, community, or rural district. Shares may be issued in joint tenancy with right of survivorship with any persons designated by the credit union member, but no joint tenant shall be permitted to vote, obtain loans, or hold office, unless he is within the field of membership and is a qualified member. "MEMBERS' MEETINGS
"SEC. 11. 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 time during the month of the following January and at such place as its bylaws shall prescribe. Special meetings may be held in the manner indicated m the bylaws. No member shall be entitled to vote by proxy, but a member other than a natural person
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