72d CONGRES S. SESS. I. CH. 272. JUNE 23, 1932 .
327 First. The name of the corporation, which shall include the words cc credit union " and " District of Columbia ." Second. The names and addresses of the subscribers to the cer- tificate and the number of shares subscribed by each . Third. The par value of the shares of the credit union, which shall not exceed $10 each . Fourth. The proposed field of membership, specified in such detail as the Commissioners of the District of Columbia may require. Fifth . The term of the credit union's existence, which may be perpetual . PowER OF COMMISSIONERS OF THE DISTRICT
Commissioners Dis tri ct SEC. 4. The organization certificate shall be presented to the Com- p oa certi flce ais ap. missi oners of the Distr ict o f Colu mbia, who ma y, in their discr etion, approve the certificate . The said commissioners are hereby author- Report of Comptrol- ized to refer any such proposed certificate to the Comptroller of the ler of the Currency . Currency, who shall, within a reasonable time, submit a report to ,the said commissioners with respect (1) to the conformity of the cer- tific ate to the p rovisi ons o f this Act, (2) th e gene ral c haract er and fitness of the subscribers, and (3) the advisability of establishing a credit union in the proposed field of membership . RECORDING CERTIFICATE
Recording Certificate . SEC . 5. The certificate, if approved by the Commissioners of the District of Columbia, shall be filed for record in the office of the recorder of deeds , for the Di stric t of C olumbi a, and shall be r ecorde d by him . At such time as the approved certificate is so filed, the subscribers and their successors shall thereupon become a body cor- porate and as such shall, subject to the limitations of section 8 (relating to approval of by-laws), be vested with all the powers and charged with all the liabilities conferred and imposed by this Act , upon corporations organized thereunder as credit unions : Pro- vided, That the last paragraph of section 552 of the Code of Law for the District of Columbia shall have no application to credit unions . Supervision by SUPERVISION BY COMPTROJ .r,FR OF rkit : CURRENCY
Comptroller of the Cur . rency. SEC . 6 . The provisions of sections 713 and 714 of the Code of toiedit unions extended Law for the District of Columbia, as now or hereafter amended Vol.3l,pp.1302,1303. (relating to supervision by the Comptroller of the Currency of bank- in& institutions in the District of Columbia), shall apply to credit unions, except that the Compt roller of the Currency may relieve credit unions from compliance with any such requirements to such extent and in such manner as he deems will not prejudice the proper PrMso a conduct of the affairs of such credit unions : Provided, however, Publication of re- That the publication of reports named in section 713 shall not be Ports- Vol. 31, p. 1302, required of credit unions having assets of less than $100,000 and waived . fees incident to making the examinations specified in section 714 Examination fees . shall not exceed a basic fee of $5 and 3 cents per $1,000 of assets Conducting business per annum : Provided, however, That it shall be unlawful for any without license unlaw . such credit union to transact business in, the District of Columbia f nl` without procuring a license from the District of Columbia
- and all
such credit unions shall pay a license tax of $15 per annum to the Annual tax . District of Columb ia . No license shall be granted for a peri od suspension, etc ., of longer than one year : Provided, however, That the Commissioners license, for cause . of the District of Columbia may suspend or revoke a license upon Filing . S ubscr ibers incor po- rated . Post, p. 325. Powe rs, liabilities, etc . Proviso . Fees. Vol. 31, p. 1276, not to apply.
