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12 U.S.C. § 1761b — Management
Federal law — U.S. Code and appendices · legal_authorities
**(a) Board of directors, credit committee, and supervisory committee; election to board** The management of a Federal credit union shall be by a board of directors, a supervisory committee, and where the bylaws so provide, a credit committee. The board shall consist of an odd number of directors, at least five in number, to be elected annually by and from the members as the bylaws provide. Any vacancy occurring on the board shall be filled until the next annual election by appointment by the remainder of the directors.
**(b) Membership on supervisory committee; names and addresses of officers and committee members** The supervisory committee shall be appointed by the board of directors and shall consist of not less than three members nor more than five members, one of whom may be a director other than the compensated officer of the board. A record of the names and addresses of the executive officers, members of the supervisory committee, credit committee, and loan officers, shall be filed with the Administration within ten days after their election or appointment.
**(c) Compensation** No member of the board or of any other committee shall, as such, be compensated, except that reasonable health, accident, similar insurance protection, and the reimbursement of reasonable expenses incurred in the execution of the duties of the position shall not be considered compensation.
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Source file: Laws/federal/codes/united-states-code/title-12/section-1761b-management--8f427e9712.md
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Source location: Title 12, Chapter 14, § 1761b; chapter-014-federal-credit-unions.md
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**(a) Board of directors, credit committee, and supervisory committee; election to board** The management of a Federal credit union shall be by a board of directors, a supervisory committee, and where the bylaws so provide, a credit committee. The board shall consist of an odd number of directors, at least five in number, to be elected annually by and from the members as the bylaws provide. Any vacancy occurring on the board shall be filled until the next annual election by appointment by the remainder of the directors.
**(b) Membership on supervisory committee; names and addresses of officers and committee members** The supervisory committee shall be appointed by the board of directors and shall consist of not less than three members nor more than five members, one of whom may be a director other than the compensated officer of the board. A record of the names and addresses of the executive officers, members of the supervisory committee, credit committee, and loan officers, shall be filed with the Administration within ten days after their election or appointment.
**(c) Compensation** No member of the board or of any other committee shall, as such, be compensated, except that reasonable health, accident, similar insurance protection, and the reimbursement of reasonable expenses incurred in the execution of the duties of the position shall not be considered compensation.
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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
Page 870
TITLE 12—BANKS AND BANKING
§ 1761a
1978—Pub. L. 95–630 substituted ‘‘Board’’ for ‘‘Admin-
istrator’’.
1974—Pub. L. 93–495 inserted proviso relating to com-
pensation in the form of health, accident, and similar
insurance protection.
1970—Pub. L. 91–206 substituted ‘‘Administration’’ for
‘‘Bureau’’.
1964—Pub. L. 88–353 increased size of supervisory com-
mittee from three members to not less than three
members nor more than five members.
1959—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, direc-
tors, credit committee and supervisory committee. See
sections 1761a to 1761d of this title, respectively.
1954—Subsecs. (b), (c). Act Aug. 24, 1954, provided ex-
press authority for the Director of the Bureau of Fed-
eral Credit Unions to regulate the minimum amount
and character of surety bonds for officers and employ-
ees.
Subsec. (c). Act June 30, 1954, inserted provision with
respect to interest refunds.
1949—Subsec. (d). Act Oct. 25, 1949, substituted ‘‘$400’’
for ‘‘$300’’ wherever appearing.
1946—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 pay-
ment of the premium or premiums therefor from the
funds of the Federal credit union’’.
Subsec. (d). Act July 31, 1946, struck out requirement
that notice of meeting of the credit committee must be
given by the treasurer an
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1761b
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