PUBLIC LAW 95-630—NOV. 10, 1978
92 STAT. 3681
action of its business and shall keep permanent and complete records Quorum and minutes of its acts and proceedings. A majority of the Board shall constitute a quorum. Not later than April 1 of each calendar year, and Report to at such other times as the Congress shall determine, the Board shall President and make a report to the President and to the Congress. Such a report shall Congress. summarize the operations of the Administration and set forth such information as is necessary for the Congress to review the financial program approved by the Board. "(e) The Chairman of the Board shall be the spokesman for the Board and shall represent the Board and the National Credit Union Administration in its official relations with other branches of the Government. The Chairman shall determine each Board member's area of responsibility and shall review such assignments biennially. It shall be the Chairman's responsibility to direct the implementation of the adopted policies and regulations of the Board. "(f) The financial transactions of the Administration shall be sub- Audit. ject to audit on a calendar year basis by the General Accounting Office Rules and in accordance with the principles and procedures applicable to com- regulations. mercial corporate transactions and under such rules and regulations as may be prescribed by the Comptroller General of the United States. The audit shall be conducted at the place or places where the accounts of the Administration are kept,". SEC. 502. (a) Section 101 of the Federal Credit Union Act is 12 USC 1752 amended— (1) by striking out clause (2) and inserting in lieu thereof the following: "(2) the term 'Chairman' means the Chairman of the National Credit Union Administration Board;"; (2) by inserting "Administration" after "Union" in clause (4). . . . (b) The Federal Credit Union Act is amended by striking out "Administrator" each place it appears and inserting m lieu thereof "Board", and by striking out the personal pronouns "he", "him", and "his" when referring to the Administrator and inserting in lieu thereof "it", "them", and "its" as appropriate wherever such words appear therein. (c) Section 5108(a) of title 5, United States Code, is amended by changing the number "3,301" in the first sentence to read "3,310". (d) Section 5314 of title 5, United States Code, is amended by adding the following new paragraph: "(66y Chairman, National Credit Union Administration Board.". (e) Section 5315 (93) of title 5, United States Code, is amended by striking out "Administrator of the National Credit Union Administration" and inserting in lieu thereof "Members, National Credit Union Administration Board (2)". SEC. 503. (a) Paragraph (4) of section 101 of the Federal Credit Union Act (12 U.S.C. 1752) which begins with "The terms 'member account'" is redesignated paragraph " (5) " and the succeeding paragraphs numbered (5) through (8) are redesignated as paragraphs (6) through (9), respectively. (b) Paragraph (5) of section 101 of the Federal Credit Union Act (12 U.S.C. 1752), as redesignated by subsection (a) of this section, is amended— (1) by striking "(when referring to the account of a member of credit union)";
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