Title 12 — Banks and Banking
Chapter 14 — Federal Credit Unions
§ 1753. Federal credit union organization
Statutory text
Any seven or more natural persons who desire to form a Federal credit union shall each subscribe either individually or collectively before some officer competent to administer oaths an organization certificate in duplicate which shall specifically state:
the name of the association;
the location of the proposed Federal credit union and the territory in which it will operate;
the names and addresses of the subscribers to the certificate and the number of shares subscribed by each;
the initial par value of the shares;
the proposed field of membership, specified in detail;
the term of the existence of the corporation, which may be perpetual; and
the fact that the certificate is made to enable such persons to avail themselves of the advantages of this chapter.
Such organization certificate may also contain any provisions approved by the Board for the management of the business of the association and for the conduct of its affairs and relative to the powers of its directors, officers, or stockholders.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Pub. L. 73–750 · 48 Stat. 1216
Enacted · 12 U.S.C. § 1753
June 26, 1934, ch. 750, title I, § 103, formerly § 3, 48 Stat. 1217
Source evidence
Code source credit
June 26, 1934, ch. 750, title I, § 103, formerly § 3, 48 Stat. 1217Pub. L. 86–354 § 1 · 73 Stat. 628
Inserted · 12 U.S.C. § 1753
Pub. L. 86–354 changed “The” to “the” in subsecs. (1) to (7) and the period to a semicolon in subsecs. (1) to (6) and inserted “and” at end of subsec. (6)
Source evidence
Code amendment note
Pub. L. 86–354 changed “The” to “the” in subsecs. (1) to (7) and the period to a semicolon in subsecs. (1) to (6) and inserted “and” at end of subsec. (6).Pub. L. 91–206 § 2(1) · 84 Stat. 49
Substituted · 12 U.S.C. § 1753
Pub. L. 91–206 substituted “Administrator” for “Director”
Source evidence
Code amendment note
Pub. L. 91–206 substituted “Administrator” for “Director”.Enacted provision · exact public law section
Sec. 2. The Federal Credit Union Act is further amended (1) by changing “Director” to read “Administrator” each place it appears therein; (2) by changing “Bureau of Federal Credit Unions” to read “National Credit Union Administration” each place it appears therein; and (3) by changing “Bureau”, each remaining place it appears, to read “Administration”.Financial Institutions Regulatory and Interest Rate Control Act of 1978
Pub. L. 95–630 title V § 502(b) · 92 Stat. 3641
Substituted · 12 U.S.C. § 1753
Pub. L. 95–630 substituted “Board” for “Administrator”
Source evidence
Code amendment note
Pub. L. 95–630 substituted “Board” for “Administrator”.Enacted provision · exact public law section
(b) The Federal Credit Union Act is amended by striking out “Administrator” each place it appears and inserting in lieu thereof “Board”, and by striking out the personal pronouns “he”, “him”, and “his” when referring to the Administrator and inserting in lieu thereof “it”, “them”, and “its” as appropriate wherever such words appear therein.Effective date note
Amendment by Pub. L. 95–630 effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 of Pub. L. 95–630, set out as a note under section 1752 of this title.Garn-St Germain Depository Institutions Act of 1982
Pub. L. 97–320 § 503 · 96 Stat. 1469
Substituted · 12 U.S.C. § 1753
Pub. L. 97–320, § 503, substituted “each subscribe either individually or collectively” for “subscribe”
Source evidence
Code amendment note
Pub. L. 97–320, § 503, substituted “each subscribe either individually or collectively” for “subscribe”.Enacted provision · exact public law section
Sec. 503. organizational process Section 103 of the Federal Credit Union Act (12 U.S.C. 1753) is amended by striking out “subscribe” and inserting in lieu thereof “each subscribe either individually or collectively”.Garn-St Germain Depository Institutions Act of 1982
Pub. L. 97–320 § 504 · 96 Stat. 1469
Substituted · 12 U.S.C. § 1753(4)
Pub. L. 97–320, § 504, substituted “the initial par value of the shares” for “the par value of the shares, which shall be $5 each”
Source evidence
Code amendment note
Par. (4). Pub. L. 97–320, § 504, substituted “the initial par value of the shares” for “the par value of the shares, which shall be $5 each”.Enacted provision · exact public law section
Sec. 504. par value of shares Section 103(4) of the Federal Credit Union Act (12 U.S.C. 1753(4)) is amended by inserting “initial” before “par value” and by striking out “, which shall be $5 each”.
4 of 6 references resolved to an enrolled provision · 2 partial
Editorial Notes
Amendments1959–1982 · 4 rounds
1982
Pub. L. 97–320, § 503, substituted “each subscribe either individually or collectively” for “subscribe”.
Par. (4). Pub. L. 97–320, § 504, substituted “the initial par value of the shares” for “the par value of the shares, which shall be $5 each”.
1978
Pub. L. 95–630 substituted “Board” for “Administrator”.
1970
Pub. L. 91–206 substituted “Administrator” for “Director”.
1959
Pub. L. 86–354 changed “The” to “the” in subsecs. (1) to (7) and the period to a semicolon in subsecs. (1) to (6) and inserted “and” at end of subsec. (6).
Statutory Notes and Related Subsidiaries
Effective Date of 1978 Amendment
Amendment by Pub. L. 95–630 effective on expiration of 120 days after , and transitional provisions, see section 509 of Pub. L. 95–630, set out as a note under section 1752 of this title.
Executive Documents
Transfer of Functions
Transfer of functions of Farm Credit Administration and Governor thereof, generally, see notes set out under section 1751 of this title.
Functions of Governor of Farm Credit Administration under this section transferred to Federal Deposit Insurance Corporation by Reorg. Plan No. 1 of 1947.
Credits
1934–1982 · 8 acts
- 1934June 26, 1934, ch. 750, title I, § 103, formerly § 3, 48 Stat. 1217
- 19471947 Reorg. Plan No. 1, § 401, eff. , 12 F.R. 4534, 61 Stat. 952
- 1948June 29, 1948, ch. 711, §§ 1, 2, 62 Stat. 1091
- 1959renumbered § 4 and amended Pub. L. 86–354, § 1, , 73 Stat. 628
- 1970Pub. L. 91–206, § 2(1), , 84 Stat. 49
- 1970renumbered title I, § 103, Pub. L. 91–468, § 1(2), , 84 Stat. 994
- 1978amended Pub. L. 95–630, title V, § 502(b), , 92 Stat. 3681
- 1982Pub. L. 97–320, title V, §§ 503, 504, , 96 Stat. 1528.
Show as published
(June 26, 1934, ch. 750, title I, § 103, formerly § 3, 48 Stat. 1217; 1947 Reorg. Plan No. 1, § 401, eff. , 12 F.R. 4534, 61 Stat. 952; June 29, 1948, ch. 711, §§ 1, 2, 62 Stat. 1091; renumbered § 4 and amended Pub. L. 86–354, § 1, , 73 Stat. 628; Pub. L. 91–206, § 2(1), , 84 Stat. 49; renumbered title I, § 103, Pub. L. 91–468, § 1(2), , 84 Stat. 994; amended Pub. L. 95–630, title V, § 502(b), , 92 Stat. 3681; Pub. L. 97–320, title V, §§ 503, 504, , 96 Stat. 1528.)