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12 U.S.C. § 1764 — Repealed. Pub. L. 105–219, title III, § 301(g)(3), Aug. 7, 1998, 112 Stat. 931

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1764 — Repealed. Pub. L. 105–219, title III, § 301(g)(3), Aug. 7, 1998, 112 Stat. 931

### Statutory Notes Section, acts June 26, 1934, ch. 750, title I, § 116, formerly § 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 requirement or to require special reserves. See [section 1790d(e) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1790d/e&num=0&edition=prelim).

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Source location: Title 12, Chapter 14, § 1764; chapter-014-federal-credit-unions.md

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1752 — Short title

This chapter may be cited as the “Federal Credit Union Act”.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1761 — Membership

**(a) In general** Subject to subsection (b), Federal credit union membership shall consist of the incorporators and such other persons and incorporated and unincorporated organizations, to the extent permitted by rules and regulations prescribed by the Board, as may be elected to membership and as such shall each, subscribe to at least one share of its stock and pay the initial installment thereon and a uniform entrance fee if required by the board of directors. Shares may be issued in joint tenancy with right of survivorship with any persons designated by the credit union member, but no joint tenant shall be permitted to vote, obtain loans, or hold office, unless he is within the field of membership and is a qualified member. **(b) Membership field** Subject to the other provisions of this section, the membership of any Federal credit union shall be limited to the membership described in one of the following categories: (1) **Single common-bond credit union** — One group that has a common bond of occupation or association. (2) **Multiple common-bond credit union** — More than one group— (A) each of which has (within the group) a common bond of occupation or association; and (B) the number of members, each of which (at the time the group is first included within the field of membership of a credit union described in this paragraph) does not exceed any numerical limitation applicable under subsection (d). (3) **Community credit union** — Persons or organizations within a well-defined local community, neighborhood, or rural district. **(c) Exceptions** (1) **Grandfathered members and groups** (A) *In general* — Notwithstanding subsection (b)— (i) any person or organization that is a member of any Federal credit union as of August 7, 1998, may remain a

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1764 — Expulsion and withdrawal

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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