Public Law 75–3

That section 6 of the Federal Credit Union Act, approved June 26, 1934 (U. S. C., 1934 edition, title 12, sec. 1756), be, and the same is hereby, amended to read as follows:

“Sec. 6.

Federal credit unions shall be under the supervision of the Governor, and shall make such financial reports to him (at least annually) as he may require. 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 Governor.

Examination fees, scale.

The Governor shall fix a scale of examination fees to be paid by Federal credit unions, giving due consideration to the time and expense incident to such examinations, and to the ability of Federal

Assessment and payment.

credit unions to pay such fees, which fees shall be assessed against and paid by each Federal credit union promptly after the completion

Credit of fees collected.

of such examination. Examination fees collected under the provisions of this section shall be deposited to the credit of the special fund created by section 5 hereof, and shall be available for the purposes specified in said section 5.”

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Sec. 2.

Paragraph (7) of section 7 of the Federal Credit Union Act (U. S. C., 1934 edition, title 12, sec. 1757) is hereby amended by striking out the period at the end thereof, inserting a semicolon,

Loans to other credit unions.

and adding the following: “(c) in accordance with rules and regulations prescribed by the Governor, in loans to other credit unions in the total amount not exceeding 25 per centum of its paid-in and

Investments in Federal savings, etc., associations.

unimpaired capital and surplus; (d) and in shares or accounts of Federal savings and loan associations.”

Sec. 3.

Section 16 of the Federal Credit Union Act (U. S. C., 1934 edition, title 12, sec. 1766) is hereby amended by adding subsection (e) to read as follows:

“(e) Studies, etc., of credit problems.

The Governor is hereby authorized to make investigations and to conduct researches and studies of the problems of persons of small means in obtaining credit at reasonable rates of interest, and of the methods and benefits of cooperative saving and lending among

Reports, etc.

such persons. He is further authorized to make reports of such investigations and to publish and disseminate the same.”

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Sec. 4.

Section 18 of the Federal Credit Union Act (U. S. C. 1934 edition, title 12, sec. 1768) is hereby amended to read as follows:

“Sec. 18.

The Federal credit unions organized hereunder, their property, their franchises, capital, reserves, surpluses, and other funds, and their income shall be exempt from all taxation now or hereafter imposed by the United States or by any State, Territorial,

Exception.

or local taxing authority; except that any real property and any tangible personal property of such Federal credit unions shall be subject to Federal, State, Territorial, and local taxation to the same

Inclusion of holdings in valuation of personal properly of owners.

extent as other similar property is taxed. Nothing herein contained shall prevent holdings in any Federal credit union organized hereunder from being included in the valuation of the personal property of the owners or holders thereof in assessing taxes imposed by authority of the State or political subdivision thereof in which the

Proviso.

Collection and payment.

Federal credit union is located: Provided, however, That the duty or burden of collecting or enforcing the payment of such tax shall

Tax rate.

not be imposed upon any such Federal credit union and the tax shall not exceed the rate of taxes imposed upon holdings in domestic credit unions.”

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Sec. 5.

Provision by an employer of facilities for the operations

Provision of facilities for operations by employer.

of a Federal Credit Union on the premises of such employer shall not be deemed to be intimidation, coercion, interference, restraint or discrimination within the provisions of sections 7 and 8 of the

49 Stat. 452.

29 U. S. C., Supp. III, §§ 157, 158.

National Labor Relations Act, approved July 5, 1935, or acts amendatory thereof.