12 U.S.C. § 1760 — Members’ meetings

Page 869 TITLE 12—BANKS AND BANKING § 1761 1970—Pub. L. 91–206 substituted ‘‘Administrator’’ for ‘‘Director’’. 1959—Pub. L. 86–354 substituted ‘‘persons’’ for ‘‘per- son’’ before ‘‘designated’’. 1946—Act July 31, 1946, inserted sentence at end per- mitting a Federal credit union to issue shares in joint tenancy with a right of survivorship. 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. REPORT AND CONGRESSIONAL REVIEW REQUIREMENT FOR CERTAIN REGULATIONS Pub. L. 105–219, title II, § 205, Aug. 7, 1998, 112 Stat. 923, provided that: ‘‘A regulation prescribed by the Board [National Credit Union Administration Board] shall be treated as a major rule for purposes of chapter 8 of title 5, United States Code, if the regulation de- fines, or amends the definition of— ‘‘(1) the term ‘immediate family or household’ for purposes of section 109(e)(1) of the Federal Credit Union Act [12 U.S.C. 1759(e)(1)] (as added by section 101 of this Act); or ‘‘(2) the term ‘well-defined local community, neigh- borhood, or rural district’ for purposes of section 109(g) of the Federal Credit Union Act (as added by section 103 of this Act).’’ § 1760. Members’ meetings The fiscal year of all Federal credit unions shall end December 31. The annual meeting of each Federal credit union shall be held at such place as its bylaws shall prescribe. Special meet- ings may be held in the manner indicated in the bylaws. No member shall be entitled to vote by proxy, but a member other than a natural per- son may vote through an agent designated for the purpose. Irrespective of the number of shares held, no member shall have more than one vote. (June 26, 1934, ch. 750, title I, § 110, formerly § 10, 48 Stat. 1219; renumbered § 11, Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 631; amended Pub. L. 88–150, § 1, Oct. 17, 1963, 77 Stat. 270; renumbered title I, § 110, Pub. L. 91–468, § 1(2), Oct. 19, 1970, 84 Stat. 994; amended Pub. L. 97–320, title V, § 519, Oct. 15, 1982, 96 Stat. 1531.) Editorial Notes AMENDMENTS 1982—Pub. L. 97–320 struck out ‘‘at such time during the following January, February, or March and’’ after ‘‘shall be held’’, and ‘‘by him’’ after ‘‘shares held’’. 1963—Pub. L. 88–150 substituted ‘‘during the following January, February, or March’’ for ‘‘during the month of the following January’’. § 1761. Management (a) Board of directors, credit committee, and su- pervisory 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 com- mittee 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 execu- tive officers, members of the supervisory com- mittee, 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 com- mittee shall, as such, be compensated, except that reasonable health, accident, similar insur- ance protection, and the reimbursement of rea- sonable expenses incurred in the execution of the duties of the position shall not be considered compensation. (June 26, 1934, ch. 750, title I, § 111, formerly § 11, 48 Stat. 1219; June 15, 1940, ch. 366, 54 Stat. 398; July 31, 1946, ch. 711, §§ 3–6, 60 Stat. 745; 1947 Reorg. Plan No. 1, § 401, eff. July 1, 1947, 12 F.R. 4534, 61 Stat. 952; June 29, 1948, ch. 711, §§ 1, 2, 62 Stat. 1091; Oct. 25, 1949, ch. 713, § 2, 63 Stat. 890; June 30, 1954, ch. 426, § 1, 68 Stat. 335; Aug. 24, 1954, ch. 905, §§ 1, 2, 68 Stat. 792; renumbered § 12 and amended Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 632; Pub. L. 88–353, § 2, July 2, 1964, 78 Stat. 269; Pub. L. 91–206, § 2(3), Mar. 10, 1970, 84 Stat. 49; renumbered title I, § 111, Pub. L. 91–468, § 1(2), Oct. 19, 1970, 84 Stat. 994; amended Pub. L. 93–495, title I, § 116, Oct. 28, 1974, 88 Stat. 1507; Pub. L. 95–630, title V, § 502(b), Nov. 10, 1978, 92 Stat. 3681; Pub. L. 97–320, title V, § 520, Oct. 15, 1982, 96 Stat. 1531.) Editorial Notes AMENDMENTS 1982—Pub. L. 97–320 substituted provisions divided into subsecs. (a), (b), and (c) relating to the manage- ment 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 cred- it 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 mem- bers’ meeting by and from the members, and by a su- pervisory committee of not less than three members nor more than five members, one of whom may be a di- rector other than the treasurer, to be appointed by the board. Any vacancy occurring in the supervisory com- mittee 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 rea- sonable health, accident, and similar insurance protec- tion shall not be considered compensation under regu- lations promulgated by the Board.’’