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12 U.S.C. § 1755 — Federal credit union organization
Federal law — U.S. Code and appendices · legal_authorities
Any seven or more natural persons who desire to form a Federal credit union shall each subscribe either individually or collectively before some officer competent to administer oaths an organization certificate in duplicate which shall specifically state:
(1) the name of the association;
(2) the location of the proposed Federal credit union and the territory in which it will operate;
(3) the names and addresses of the subscribers to the certificate and the number of shares subscribed by each;
(4) the initial par value of the shares;
(5) the proposed field of membership, specified in detail;
(6) the term of the existence of the corporation, which may be perpetual; and
(7) the fact that the certificate is made to enable such persons to avail themselves of the advantages of this chapter.
Such organization certificate may also contain any provisions approved by the Board for the management of the business of the association and for the conduct of its affairs and relative to the powers of its directors, officers, or stockholders.
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Stable record: federal_law:legal_authorities:record_usc_7ea545d8c639a6177d3c0a7d
Source file: Laws/federal/codes/united-states-code/title-12/section-1755-federal-credit-union-organization--d05983a847.md
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Passage SHA-256: e39f269b2ba79bccbbcda701bcfed991109691118a29aed557957aba0d62c3e3
Source location: Title 12, Chapter 14, § 1755; chapter-014-federal-credit-unions.md
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Any seven or more natural persons who desire to form a Federal credit union shall each subscribe either individually or collectively before some officer competent to administer oaths an organization certificate in duplicate which shall specifically state:
(1) the name of the association;
(2) the location of the proposed Federal credit union and the territory in which it will operate;
(3) the names and addresses of the subscribers to the certificate and the number of shares subscribed by each;
(4) the initial par value of the shares;
(5) the proposed field of membership, specified in detail;
(6) the term of the existence of the corporation, which may be perpetual; and
(7) the fact that the certificate is made to enable such persons to avail themselves of the advantages of this chapter.
Such organization certificate may also contain any provisions approved by the Board for the management of the business of the association and for the conduct of its affairs and relative to the powers of its directors, officers, or stockholders.
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Federal law — U.S. Code and appendices · legal_authorities
The facility is authorized to act upon the request of the Board of Governors of the Federal Reserve System as an agent of the Federal Reserve System in matters pertaining to credit unions under such terms and conditions as may be established by the Board of Governors of the Federal Reserve System.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1751
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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
Federal credit unions shall be under the supervision of the Board, and shall make financial reports to it as and when it may require, but at least annually. Each Federal credit union shall be subject to examination by, and for this purpose shall make its books and records accessible to, any person designated by the Board.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1757
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Federal law — U.S. Code and appendices · legal_authorities
The Board is authorized to accept gifts of money made unconditionally by will or otherwise for the carrying out of any of the functions under this chapter. A conditional gift of money made by will or otherwise for such purposes may be accepted and used in accordance with its conditions, but no such gift shall be accepted which is conditioned upon any expenditure not to be met therefrom or from income thereof unless the Board determines that supplementation of such gift from the fees it may expend pursuant to sections 1755 and 1756 of this title or from any funds appropriated pursuant to [section 1766(f)(2)(C) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1766/f/2/C&num=0&edition=prelim) for the purpose of making such expenditure will not adversely affect the sound administration of this chapter. Any such gift shall be deposited in the Treasury of the United States for the account of the Administration and may be expended in accordance with [section 1755 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1755&num=0&edition=prelim) or as provided in the preceding sentence.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1772c
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Federal law — U.S. Code and appendices · legal_authorities
Page 859
TITLE 12—BANKS AND BANKING
§ 1755
1970—Pub. L. 91–206 substituted ‘‘Administrator’’ for
‘‘Director’’ in two places.
1959—Pub. L. 86–354 substituted ‘‘The’’ for ‘‘Any such’’
in first sentence and transferred second sentence to
make it last sentence.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 1978 AMENDMENT
Amendment by Pub. L. 95–630 effective on expiration
of 120 days after Nov. 10, 1978, and transitional provi-
sions, see section 509 of Pub. L. 95–630, set out as a note
under section 1752 of this title.
Executive Documents
TRANSFER OF FUNCTIONS
Transfer of functions of Farm Credit Administration
and Governor thereof, generally, see notes set out
under section 1751 of this title.
Functions of Governor of Farm Credit Administra-
tion under this section transferred to Federal Deposit
Insurance Corporation by Reorg. Plan No. 1 of 1947.
§ 1755. Fees
(a) Payment by Federal credit union to Adminis-
tration
In accordance with rules prescribed by the
Board, each Federal credit union shall pay to
the Administration an annual operating fee
which may be composed of one or more charges
identified as to the function or functions for
which assessed.
(b) Determinations of amount, assessment peri-
ods, and payment dates
The fee assessed under this section shall be de-
termined according to a schedule, or schedules,
or other method determined by the Board to be
appropriate, which gives due consideration to
the expenses of the Administration in carrying
out its responsibilities under this chapter and to
the ability of Federal credit unions to pay the
fee. The Board shall, among other things, deter-
mine the periods for which the fee shall be as-
sessed and the date or dates for the payment of
the fee or increments thereof.
(c) Supe
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1755
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