Public Law 83–576

That section 4 of the District of Columbia Credit Unions Act is hereby amended by striking out “Comptroller of the Currency” and inserting in lieu thereof “Director of the Bureau of Federal Credit Unions”.

Sec. 2.

Section 6 of such Act is hereby amended to read as follows:

D. C. Code 26–506.

Supervision.

Reports.

“Sec. 6.

(a)(a)

Credit unions established under this Act shall be under the supervision of the Director of the Bureau of Federal Credit Unions. They shall make such financial reports to him (at least annually) as he may require.

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“(b)“(b)

Not later than January 31 of each calendar year each credit

Fees.

union established under this Act shall pay to the Bureau of Federal Credit Unions, for the preceding calendar year, a supervision fee in accordance with the scale prescribed for Federal credit unions. All such fees shall be deposited with the Treasurer of the United States for the account of the Bureau in the special fund created by section 5

D. C. Code 26–505.

of the Federal Credit Union Act and may be expended by the Director for such administrative and other expenses incurred in carrying out the provisions hereof as he may determine to be proper, the purpose of such fees being to defray, as far as practical, the administrative and supervisory costs of the Bureau incident to the execution of its functions under this Act.

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“(c)“(c)

Each credit union established under this Act shall be subject

Examination.

to examination by, and for this purpose shall make its books and

Fees.

records accessible to, any person designated by the Director. The scale of examination fees prescribed for Federal credit unions shall also be applicable to credit unions established under this Act which fees shall be assessed against and paid by each credit union established under this Act promptly after the completion 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 of

D. C. Code 26–505.

the Federal Credit Union Act, and shall be available for the purposes specified in subsection (b) of this section.

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“(d)“(d)

It shall be unlawful for any credit union established under this

License.

Act to transact business in the District of Columbia without procuring a license from the District of Columbia; and all such credit unions shall pay a license tax of $5 per annum to the District of Columbia. No license shall be granted for a longer period than one year: Provided, That the Commissioners of the District of Columbia may suspend or revoke a license upon proof of the bankruptcy or insolvency of any such credit union or upon conviction of a violation of any provision of this Act or any law or regulation of the District of Columbia or of the United States.”

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Sec. 3.

Section 12 of such Act is hereby amended by striking out

D. C. Code 26–512.

“Comptroller of the Currency” and inserting in lieu thereof “Director of the Bureau of Federal Credit Unions”.