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12 U.S.C. § 1762 — Credit committee
Federal law — U.S. Code and appendices · legal_authorities
**(a) Members; meetings; lines of credit and approval of loans; delegation to loan officers** If the bylaws provide for a credit committee, then pursuant to the provisions of the bylaws, the board of directors may appoint or the members may elect a credit committee which shall consist of an odd number of members of the credit union, but which shall not include more than one loan officer. The method used shall be set forth in the bylaws. The credit committee shall hold such meetings as the business of the Federal credit union may require, not less frequently than once a month, to consider applications for loans or lines of credit. Reasonable notice of such meetings shall be given to all members of the committee. Except for those loans or lines of credit required to be approved by the board of directors in [section 1757(5) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1757/5&num=0&edition=prelim), approval of an application shall be by majority of the committee who are present at the meeting at which it is considered provided that a majority of the full committee is present. The credit committee may appoint and delegate to loan officers the authority to approve applications.
**(b) Review and reversal of loan refusals; review by board in lieu of committee; limitation on disbursements by loan officers** If the bylaws provide for a credit committee, all applications not approved by the loan officer shall be reviewed by the credit committee, and the approval of a majority of the members who are present at the meeting when such review is undertaken shall be required to reverse the loan officer’s decision provided a majority of the full committee is present. If there is not a credit committee, a member shall have the right upon writ
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Source location: Title 12, Chapter 14, § 1762; chapter-014-federal-credit-unions.md
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**(a) Members; meetings; lines of credit and approval of loans; delegation to loan officers** If the bylaws provide for a credit committee, then pursuant to the provisions of the bylaws, the board of directors may appoint or the members may elect a credit committee which shall consist of an odd number of members of the credit union, but which shall not include more than one loan officer. The method used shall be set forth in the bylaws. The credit committee shall hold such meetings as the business of the Federal credit union may require, not less frequently than once a month, to consider applications for loans or lines of credit. Reasonable notice of such meetings shall be given to all members of the committee. Except for those loans or lines of credit required to be approved by the board of directors in [section 1757(5) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1757/5&num=0&edition=prelim), approval of an application shall be by majority of the committee who are present at the meeting at which it is considered provided that a majority of the full committee is present. The credit committee may appoint and delegate to loan officers the authority to approve applications.
**(b) Review and reversal of loan refusals; review by board in lieu of committee; limitation on disbursements by loan officers** If the bylaws provide for a credit committee, all applications not approved by the loan officer shall be reviewed by the credit committee, and the approval of a majority of the members who are present at the meeting when such review is undertaken shall be required to reverse the loan officer’s decision provided a majority of the full committee is present. If there is not a credit committee, a member shall have the right upon written request of review by the board of directors of a loan application which has been denied. No individual shall have authority to disburse funds of the Federal credit union with respect to any loan or line of credit for which the application has been approved by him in his capacity as a loan officer.
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Federal law — U.S. Code and appendices · legal_authorities
This chapter may be cited as the “National Housing Act.”
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1702
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Federal law — U.S. Code and appendices · legal_authorities
This chapter may be cited as the “Federal Credit Union Act”.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1752
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Eligibility** The Board, as hereinafter provided, shall insure the member accounts of all Federal credit unions and it may insure the member accounts of (1) credit unions organized and operated according to the laws of any State, the District of Columbia, the several territories, including the trust territories, and possessions of the United States, the Panama Canal Zone, or the Commonwealth of Puerto Rico, and (2) credit unions organized and operating under the jurisdiction of the Department of Defense if such credit unions are operating in compliance with the requirements of subchapter I of this chapter and regulations issued thereunder.
**(b) Application; agreement** Application for insurance of member accounts shall be made immediately by each Federal credit union and may be made at any time by a State credit union or a credit union operating under the jurisdiction of the Department of Defense. Applications for such insurance shall be in such form as the Board shall provide and shall contain an agreement by the applicant—
(1) to pay the reasonable cost of such examinations as the Board may deem necessary in connection with determining the eligibility of the applicant for insurance: Provided, That examinations required under subchapter I of this chapter shall be so conducted that the information derived therefrom may be utilized for share insurance purposes, and examinations conducted by State regulatory agencies shall be utilized by the Board for such purposes to the maximum extent feasible;
(2) to permit and pay the reasonable cost of such examinations as in the judgment of the Board may from time to time be necessary for the protection of the fund and of other insured credit unions;
(3) to permit the Board to have access to any information or report with
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Federal law — U.S. Code and appendices · legal_authorities
Page 874
TITLE 12—BANKS AND BANKING
§ 1762
§ 1762. Repealed. Pub. L. 105–219, title III,
§ 301(g)(3), Aug. 7, 1998, 112 Stat. 931
Section, acts June 26, 1934, ch. 750, title I, § 116, for-
merly § 12, 48 Stat. 1221; Oct. 25, 1949, ch. 713, § 3, 63 Stat.
890; renumbered § 17 and amended Pub. L. 86–354, § 1,
Sept. 22, 1959, 73 Stat. 634; Pub. L. 91–206, § 2(1), Mar. 10,
1970, 84 Stat. 49; renumbered title I, § 116, and amended
Pub. L. 91–468, §§ 1(2), 9, Oct. 19, 1970, 84 Stat. 994, 1017;
Pub. L. 95–22, title III, § 305, Apr. 19, 1977, 91 Stat. 52;
Pub. L. 95–630, title V, § 502(b), Nov. 10, 1978, 92 Stat.
3681, related to requirement of reserves against losses
and authorization of Board to decrease reserve require-
ment or to require special reserves. See section 1790d(e)
of this title.
§ 1763. Dividends
At such intervals as the board of directors
may authorize, and after provision for required
reserves, the board of directors may declare a
dividend to be paid at different rates on dif-
ferent types of shares, at different rates and ma-
turity dates in the case of share certificates, and
at different rates on different types of share
draft accounts. Dividends credited may be ac-
crued on various types of shares, share certifi-
cates, and share draft accounts as authorized by
the board of directors. If the par value of a share
exceeds $5, dividends shall be paid on all funds in
the regular share account once a full share has
been purchased.
(June 26, 1934, ch. 750, title I, § 117, formerly § 13,
48 Stat. 1221; renumbered § 18 and amended Pub.
L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 634; Pub. L.
90–188, § 2, Dec. 13, 1967, 81 Stat. 567; renumbered
title I, § 117, Pub. L. 91–468, § 1(2), Oct. 19, 1970, 84
Stat. 994; amended Pub. L. 93–383, title
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