Annual edition
Pub. L. 97–320 substituted provisions divided into subsecs. (a), (b), and (c) relating to the management of a Federal credit union, including the board of directors, credit and supervisory committees, and the matter of their compensation, for provisions which read as follows: “The business affairs of a Federal credit union shall be managed by a board of not less than five directors, and a credit committee of not less than three members, all to be elected at the annual members’ meeting by and from the members, and by a supervisory committee of not less than three members nor more than five members, one of whom may be a director other than the treasurer, to be appointed by the board. Any vacancy occurring in the supervisory committee shall be filled in the same manner as original appointments to such committee. All members of the board and of such committees shall hold office for such terms, respectively, as the bylaws may provide. A record of the names and addresses of the members of the board and such committees and of the officers of the credit union shall be filed with the Administration within ten days after their election or appointment. No member of the board or of either such committee shall, as such, be compensated: Provided, however , That reasonable health, accident, and similar insurance protection shall not be considered compensation under regulations promulgated by the Board.”
Source credit
Pub. L. 97–320, title V, § 520, Oct. 15, 1982, 96 Stat. 1531.
Nov 10, 1978 – Oct 15, 1982
Amended · full text not held
Pub. L. 95–630 substituted “Board” for “Administrator”.
Source credit
Pub. L. 95–630, title V, § 502(b), Nov. 10, 1978, 92 Stat. 3681
Oct 28, 1974 – Nov 10, 1978
Amended · full text not held
Pub. L. 93–495 inserted proviso relating to compensation in the form of health, accident, and similar insurance protection.
ECOA → Source credit
amended Pub. L. 93–495, title I, § 116, Oct. 28, 1974, 88 Stat. 1507
Oct 19, 1970 – Oct 28, 1974
Amended · full text not held
Pub. L. 91–206 substituted “Administration” for “Bureau”.
Source credit
renumbered title I, § 111, Pub. L. 91–468, § 1(2), Oct. 19, 1970, 84 Stat. 994
Mar 10, 1970 – Oct 19, 1970
Amended · full text not held
Pub. L. 91–206 substituted “Administration” for “Bureau”.
Source credit
Pub. L. 91–206, § 2(3), Mar. 10, 1970, 84 Stat. 49
Jul 2, 1964 – Mar 10, 1970
Amended · full text not held
Pub. L. 88–353 increased size of supervisory committee from three members to not less than three members nor more than five members.
Source credit
Pub. L. 88–353, § 2, July 2, 1964, 78 Stat. 269
Sep 22, 1959 – Jul 2, 1964
Amended · full text not held
Pub. L. 86–354 provided for appointment instead of election of members of supervisory committee and for filling of vacancies in such committee, and struck out former subsecs. (b) to (e) relating to officers, directors, credit committee and supervisory committee. See sections 1761a to 1761d of this title, respectively.
Source credit
renumbered § 12 and amended Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 632
Aug 24, 1954 – Sep 22, 1959
Amended · full text not held
Subsecs. (b), (c). Act Aug. 24, 1954, provided express authority for the Director of the Bureau of Federal Credit Unions to regulate the minimum amount and character of surety bonds for officers and employees.
Source credit
Aug. 24, 1954, ch. 905, §§ 1, 2, 68 Stat. 792
Jun 30, 1954 – Aug 24, 1954
Amended · full text not held
Subsecs. (b), (c). Act Aug. 24, 1954, provided express authority for the Director of the Bureau of Federal Credit Unions to regulate the minimum amount and character of surety bonds for officers and employees.
Source credit
June 30, 1954, ch. 426, § 1, 68 Stat. 335
Oct 25, 1949 – Jun 30, 1954
Amended · full text not held
Subsec. (d). Act Oct. 25, 1949, substituted “$400” for “$300” wherever appearing.
Source credit
Oct. 25, 1949, ch. 713, § 2, 63 Stat. 890
Jun 29, 1948 – Oct 25, 1949
Amended · full text not held
Source credit
June 29, 1948, ch. 711, §§ 1, 2, 62 Stat. 1091
Jul 1, 1947 – Jun 29, 1948
Amended · full text not held
Source credit
1947 Reorg. Plan No. 1, § 401, eff. July 1, 1947, 12 F.R. 4534, 61 Stat. 952
Jul 31, 1946 – Jul 1, 1947
Amended · full text not held
Subsec. (c). Act July 31, 1946, struck out “fix the amount and character of the surety bond required of any officer having custody of funds” and inserted “require any officer or employee having custody of or handling funds to give bond with good and sufficient surety in an amount and character to be determined, from time to time, by the board and authorize the payment of the premium or premiums therefor from the funds of the Federal credit union”.
Source credit
July 31, 1946, ch. 711, §§ 3–6, 60 Stat. 745
Jun 15, 1940 – Jul 31, 1946
Amended · full text not held
Subsec. (d). Act June 15, 1940, substituted “$100” for “$50” in fourth sentence.
Source credit
June 15, 1940, ch. 366, 54 Stat. 398
Jun 26, 1934 – Jun 15, 1940
Enacted · full text not held
Source credit
June 26, 1934, ch. 750, title I, § 111, formerly § 11, 48 Stat. 1219
Every enactment and amendment in this section's credit is listed. Full text is shown for versions back to 1982; earlier amendments are recorded by date and act, without pre-1994 full text.
