Volume 78 · 269
Public Law 88–353
To amend the Federal Credit Union Act to allow Federal credit unions greater flexibility in their organization and operations.
Approved July 2, 1964
Statutory text
AN ACT
To amend the Federal Credit Union Act to allow Federal credit unions greater flexibility in their organization and operations.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
That paragraph
Federal Credit Union Act, amendment.
(7) of section 8 of the Federal Credit Union Act (12 U.S.C. 1757) is amended (1) by striking out “or” immediately before “(D)”, and (2) by adding at the end thereof “or (E) in obligations issued by banks for cooperatives, Federal land banks, Federal intermediate credit banks, Federal home loan banks, the Federal Home Loan Bank Board, or any corporation designated in section 101 of the Government Corporation Control Act as a wholly owned Government
corporation;”.
Sec. 2.
The first sentence of section 12 of the Federal Credit Union Act (12 U.S.C. 1761) is amended by striking out “supervisory committee of three members” and inserting “supervisory committee of not less than three members nor more than five members”.
Sec. 3.
The third sentence of section 14 of the Federal Credit Union Act (12 U.S.C. 1761b) is amended by striking out “December 31 in proportion to the interest paid by them during that year” and inserting “the last day of any dividend period in proportion to the interest paid by them during that dividend period”.
Sec. 4.
The last sentence of section 15 of the Federal Credit Union Act (12 U.S.C. 1761c) is amended by inserting before the period: “and, subject to such regulations as the Director may prescribe, insurance obtained under title I of the National Housing Act shall be
deemed adequate security”.
Sec. 5.
Section 1014 of Title 18 of the United States Code is amended by striking out “or of a Federal Reserve bank, or of a small business investment company,” and inserting “a Federal Reserve bank, a small business investment company, or a Federal credit union,”.
Approved July 2, 1964.