72d CONGRESS . SESS. I. CH. 272 . J UNE 23, 1932 .
329 sioners of the District of Columbia as being duly adopted and in confo rmity with the p rovis ions of thi s Act . The meeting shall be duly called for the purpose and the proposed amehdments shall be set forth in the call . MEMBERSHIP Membership. SEC. 9 . Credit-union membership shall consist of the incorporators "o-position, quau • and such other persons or organizations as may be elected to mem- ficacions, etc . bership and subscribe to at least one share but not more than two hundred shares by any one individual, pay the initial installment thereon, and the entrance fee, if any ; except that credit-union mem- bership shall be limited to groups the members of which are actual residents of or do business or are employed within the District of Columbia, and either have a common bond of occupation of associa- tion or re side w ithin a we ll-de fined neigh borho od or commu nity . ME MBE RS' ME ETI NGS MANAGEMENT Procedure and ap- proval . Meetings. SEC. 10 . The fiscal year of all credit unions shall end Decem- r• iscal year. ber 31. The ann ual meeting of the corpo ration shall be held at Ja nuar y m eeti ngs in such tim e du ring the month of January and at such place as the by-laws shall prescribe . Special meetings may be held in the man- sp ecia l meetings. ner indicated in the by-laws . No member shall be entitled to vote Vot ing restrictions. by proxy, but a memb er other than a na tural pers on may vo te throi.gh an agent delegated for the purpose. No member shall, irre- spective of the number of shares held by him, have more than one vote ; and, after a credit union has been incorporated one year, no member thereof shall be entitled to vote until he has been a member for more than th ree months . All offices of a credit union shall be Location of offices. i n the District of Columbia . Management. SEC. 11 (a) GENERAL.The business affairs of a credit union shall G en era l organ ization . be managed by a board of not less than five directors, a credit committee of not less than three members, and a supervisory com- mittee of three members, to be elected at the annual meeting, and Terms of office. to hold office for such terms, respectively, as the by-laws may provide and until successors qualify ; except that prior to the first annual I lanagem entbysu b . meeting all the business affairs of a credit union shall be managed scribers. by the subscribers to the certificate of incorporation . A record of Election returns. the names and addresses of the members of the board and commit- tees and the officers shall be filed with the Commissioners of the District of Columbia within ten days of their election . No member Pay restrictions. of the board or of either committee shall, as such, be compensated Provided, That no person shall be elected to the board or to either Qualifications . committee unless he be duly elected to membership as provided in section 9 of this Act. (b) OFFICERS.-At their first meeting after the annual meeting the Officers. duties, etc . directors shall elect from their own number a president, a vice presi- dent, a clerk, and a treasurer, who shall be the executive officers of the corporation . The offices of clerk and treasurer may be held by the same person . The duties of the officers shall be as determined in the by-laws, except that the treasurer shall be the general manager of the corporation . (c ) DI RECT ORS .-The board of director s shall have the general Poecn,(inties, etc direction of the affairs of the corporation . They shall act upon ap- plication for membership ; fix the amount of the surety bond required i
