§ 1761. Management

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.

1. 1934

   Pub. L. 73–750 · 48 Stat. 1216

   Enacted · 12 U.S.C. § 1761

   June 26, 1934, ch. 750, title I, § 111, formerly § 11, 48 Stat. 1219

   Source evidence

   Code source credit
   June 26, 1934, ch. 750, title I, § 111, formerly § 11, 48 Stat. 1219

2. 1940

   Public Law not identified

   Substituted · 12 U.S.C. § 1761(d)

   Subsec. (d). Act June 15, 1940, substituted “$100” for “$50” in fourth sentence

   Unresolved: No Public Law or Statutes at Large citation in the Code source.

   Source evidence

   Code amendment note
   Subsec. (d). Act June 15, 1940, substituted “$100” for “$50” in fourth sentence.

3. 1946

   Public Law not identified

   Struck and inserted · 12 U.S.C. § 1761(c)

   Subsec. (c). Act July 31, 1946, struck out “fix the amount and character of the surety bond required of any officer having custody of funds” and inserted “require any officer or employee having custody of or handling funds to give bond with good and sufficient surety in an amount and character to be determined, from time to time, by the board and authorize the payment of the premium or premiums therefor from the funds of the Federal credit union”

   Unresolved: No Public Law or Statutes at Large citation in the Code source.

   Source evidence

   Code amendment note
   Subsec. (c). Act July 31, 1946, struck out “fix the amount and character of the surety bond required of any officer having custody of funds” and inserted “require any officer or employee having custody of or handling funds to give bond with good and sufficient surety in an amount and character to be determined, from time to time, by the board and authorize the payment of the premium or premiums therefor from the funds of the Federal credit union”.

4. 1946

   Public Law not identified

   Struck · 12 U.S.C. § 1761(d)

   Subsec. (d). Act July 31, 1946, struck out requirement that notice of meeting of the credit committee must be given by the treasurer and increased the maximum amount of an unsecured loan to a member from $100 to $300

   Unresolved: No Public Law or Statutes at Large citation in the Code source.

   Source evidence

   Code amendment note
   Subsec. (d). Act July 31, 1946, struck out requirement that notice of meeting of the credit committee must be given by the treasurer and increased the maximum amount of an unsecured loan to a member from $100 to $300.

5. 1946

   Public Law not identified

   Inserted · 12 U.S.C. § 1761(e)

   Subsec. (e). Act July 31, 1946, inserted last sentence defining “passbook”

   Unresolved: No Public Law or Statutes at Large citation in the Code source.

   Source evidence

   Code amendment note
   Subsec. (e). Act July 31, 1946, inserted last sentence defining “passbook”.

6. 1949

   Public Law not identified

   Substituted · 12 U.S.C. § 1761(d)

   Subsec. (d). Act Oct. 25, 1949, substituted “$400” for “$300” wherever appearing

   Unresolved: No Public Law or Statutes at Large citation in the Code source.

   Source evidence

   Code amendment note
   Subsec. (d). Act Oct. 25, 1949, substituted “$400” for “$300” wherever appearing.

7. 1954

   Public Law not identified

   Changed · 12 U.S.C. § 1761(b); 12 U.S.C. § 1761(c)

   Subsecs. (b), (c). Act Aug. 24, 1954, provided express authority for the Director of the Bureau of Federal Credit Unions to regulate the minimum amount and character of surety bonds for officers and employees

   Unresolved: No Public Law or Statutes at Large citation in the Code source.

   Source evidence

   Code amendment note
   Subsecs. (b), (c). Act Aug. 24, 1954, provided express authority for the Director of the Bureau of Federal Credit Unions to regulate the minimum amount and character of surety bonds for officers and employees.

8. 1954

   Public Law not identified

   Inserted · 12 U.S.C. § 1761(c)

   Subsec. (c). Act June 30, 1954, inserted provision with respect to interest refunds

   Unresolved: No Public Law or Statutes at Large citation in the Code source.

   Source evidence

   Code amendment note
   Subsec. (c). Act June 30, 1954, inserted provision with respect to interest refunds.

9. 1959

   Pub. L. 86–354 § 1 · 73 Stat. 628

   Struck · 12 U.S.C. § 1761

   Pub. L. 86–354 provided for appointment instead of election of members of supervisory committee and for filling of vacancies in such committee, and struck out former subsecs. (b) to (e) relating to officers, directors, credit committee and supervisory committee. See sections 1761a to 1761d of this title, respectively

   Source evidence

   Code amendment note
   Pub. L. 86–354 provided for appointment instead of election of members of supervisory committee and for filling of vacancies in such committee, and struck out former subsecs. (b) to (e) relating to officers, directors, credit committee and supervisory committee. See sections 1761a to 1761d of this title, respectively.

10. 1964

    Pub. L. 88–353 § 2 · 78 Stat. 269

    Changed · 12 U.S.C. § 1761

    Pub. L. 88–353 increased size of supervisory committee from three members to not less than three members nor more than five members

    Source evidence

    Code amendment note
    Pub. L. 88–353 increased size of supervisory committee from three members to not less than three members nor more than five members.

    Enacted provision · exact public law section
    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”.

11. 1970

    Pub. L. 91–206 § 2(3) · 84 Stat. 49

    Substituted · 12 U.S.C. § 1761

    Pub. L. 91–206 substituted “Administration” for “Bureau”

    Source evidence

    Code amendment note
    Pub. L. 91–206 substituted “Administration” for “Bureau”.

    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”.

12. 1974

    Pub. L. 93–495 title I § 116 · 88 Stat. 1500

    Inserted · 12 U.S.C. § 1761

    Pub. L. 93–495 inserted proviso relating to compensation in the form of health, accident, and similar insurance protection

    Source evidence

    Code amendment note
    Pub. L. 93–495 inserted proviso relating to compensation in the form of health, accident, and similar insurance protection.

    Enacted provision · exact public law section
    Sec. 116. credit union management: reasonable health and accident insurance not considered compensation Section 111 of the Federal Credit Union Act (12 U.S.C. 1761) is amended by striking the period at the end thereof and adding “: Provided, however, That reasonable health, accident, and similar insurance protection shall not be considered compensation under regulations promulgated by the Administrator.”.

13. 1978

    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. § 1761

    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.

14. 1982

    Garn-St Germain Depository Institutions Act of 1982

    Pub. L. 97–320 title V § 520 · 96 Stat. 1469

    Substituted · 12 U.S.C. § 1761

    Pub. L. 97–320 substituted provisions divided into subsecs. (a), (b), and (c) relating to the management 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 credit 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 members’ meeting by and from the members, and by a supervisory committee of not less than three members nor more than five members, one of whom may be a director other than the treasurer, to be appointed by the board. Any vacancy occurring in the supervisory committee 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 reasonable health, accident, and similar insurance protection shall not be considered compensation under regulations promulgated by the Board.”

    Source evidence

    Code amendment note
    Pub. L. 97–320 substituted provisions divided into subsecs. (a), (b), and (c) relating to the management 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 credit 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 members’ meeting by and from the members, and by a supervisory committee of not less than three members nor more than five members, one of whom may be a director other than the treasurer, to be appointed by the board. Any vacancy occurring in the supervisory committee 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 reasonable health, accident, and similar insurance protection shall not be considered compensation under regulations promulgated by the Board.”

    Enacted provision · exact public law section
    Sec. 520. technical wording changes in management authority Section 111 of the Federal Credit Union Act (12 U.S.C. 1761) is amended to read as follows: “Sec. 111. “management (a) 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) 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 executive officers, members of the supervisory committee, credit committee, and loan officers, shall be filed with the Administration within ten days after their election or appointment. “(c) No member of the board or of any other committee shall, as such, be compensated, except that reasonable health, accident, similar insurance protection, and the reimbursement of reasonable expenses incurred in the execution of the duties of the position shall not be considered compensation.”.

5 of 14 references resolved to an enrolled provision · 2 partial · 7 unresolved