§ 1763. Dividends

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. § 1763

   June 26, 1934, ch. 750, title I, § 117, formerly § 13, 48 Stat. 1221

   Source evidence

   Code source credit
   June 26, 1934, ch. 750, title I, § 117, formerly § 13, 48 Stat. 1221

2. 1959

   Pub. L. 86–354 § 1 · 73 Stat. 628

   Changed · 12 U.S.C. § 1763

   Pub. L. 86–354 authorized semiannual dividends, empowered the board of directors to declare them instead of only recommend them, and provided for dividend credit

   Source evidence

   Code amendment note
   Pub. L. 86–354 authorized semiannual dividends, empowered the board of directors to declare them instead of only recommend them, and provided for dividend credit.

3. 1967

   Pub. L. 90–188 § 2 · 81 Stat. 567

   1. Inserted · 12 U.S.C. § 1763

      Pub. L. 90–188 inserted “or quarterly” after “semiannually”

   2. Substituted · 12 U.S.C. § 1763

      Pub. L. 90–188 substituted “ten” for “five”

   Source evidence

   Code amendment note
   Pub. L. 90–188 inserted “or quarterly” after “semiannually” and substituted “ten” for “five”.

   Enacted provision · exact public law section
   Sec. 2. Section 18 of the Federal Credit Union Act (12 U.S.C. 1763) 73 Stat. 634. is amended (1) by striking out the word “or” and inserting a comma in lieu thereof between “Annually” and “semiannually” and by adding the words “or quarterly” after the word “semiannually”; and (2) by striking out the word “five” and inserting in lieu thereof the word “ten”.

4. 1974

   Housing and Community Development Act of 1974

   Pub. L. 93–383 title VII § 725 · 88 Stat. 634

   1. Substituted · 12 U.S.C. § 1763

      Pub. L. 93–383 substituted “At such intervals as the board of directors may authorize” for “Annually, semiannually, or quarterly, as the bylaws may provide”

   2. Substituted · 12 U.S.C. § 1763

      Pub. L. 93–383 substituted “Dividend credit may be accrued on shares as authorized by the board of directors” for “Dividend credit for a month may be accrued on shares which are or become fully paid up during the first ten days of that month”

   Source evidence

   Code amendment note
   Pub. L. 93–383 substituted “At such intervals as the board of directors may authorize” for “Annually, semiannually, or quarterly, as the bylaws may provide”, and “Dividend credit may be accrued on shares as authorized by the board of directors” for “Dividend credit for a month may be accrued on shares which are or become fully paid up during the first ten days of that month”.

   Enacted provision · exact public law section
   Sec. 725. dividends (a) The first sentence of section 117 of the Federal Credit Union Act (12 U.S.C. 1763) is amended by striking out “Annually, semiannually, or quarterly, as the bylaws may provide” and inserting in lieu thereof “At such intervals as the board of directors may authorize”. (b) The last sentence of such section is amended by striking out “for a month”, and by striking out “which are or become fully paid up during the first ten days of that month” and inserting in lieu thereof “as authorized by the board of directors”.

5. 1977

   Pub. L. 95–22 title III § 310 · 91 Stat. 49

   1. Substituted · 12 U.S.C. § 1763

      Pub. L. 95–22 substituted “the board may declare, pursuant to such regulations as may be issued by the Administrator, a dividend to be paid at different rates on different types of shares and at different rates and maturity dates in the case of share certificates” for “the board of directors may declare a dividend to be paid from the remaining net earnings”

   2. Substituted · 12 U.S.C. § 1763

      Pub. L. 95–22 substituted “accrued on various types of shares and share certificates” for “accrued on shares”

   3. Struck · 12 U.S.C. § 1763

      Pub. L. 95–22 struck out provision that such dividends shall be paid on all paid-up shares outstanding at the end of the period for which the dividend is declared and provision that shares which become fully paid up during such dividend period and are outstanding at the close of the period shall be entitled to a proportional part of such dividend

   Source evidence

   Code amendment note
   Pub. L. 95–22 substituted “the board may declare, pursuant to such regulations as may be issued by the Administrator, a dividend to be paid at different rates on different types of shares and at different rates and maturity dates in the case of share certificates” for “the board of directors may declare a dividend to be paid from the remaining net earnings” and “accrued on various types of shares and share certificates” for “accrued on shares” and struck out provision that such dividends shall be paid on all paid-up shares outstanding at the end of the period for which the dividend is declared and provision that shares which become fully paid up during such dividend period and are outstanding at the close of the period shall be entitled to a proportional part of such dividend.

   Enacted provision · exact public law section
   Sec. 310. Section 117 of the Federal Credit Union Act (12 U.S.C. 1763) is amended to read as follows: “Sec. 117. “Dividends At such intervals as the board of directors may authorize, and after provision for required reserves, the board may declare, pursuant to such regulations as may be issued by the Administrator, a dividend to be paid at different rates on different types of shares and at different rates and maturity dates in the case of share certificates. Dividend credit may be accrued on various types of shares and share certificates as authorized by the board of directors.”.

6. 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. § 1763

   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.

7. 1980

   Depository Institutions Deregulation Act of 1980

   Pub. L. 96–221 § 207(b)(10) · 94 Stat. 131

   Struck · 12 U.S.C. § 1763

   Pub. L. 96–221, § 207(b)(10), struck out “, pursuant to such regulations as may be issued by the Board,” after “declare”

   Source evidence

   Code amendment note
   Pub. L. 96–221, § 207(b)(10), struck out “, pursuant to such regulations as may be issued by the Board,” after “declare”.

   Enacted provision · exact public law section
   (10) section 117 of the Federal Credit Union Act (12 U.S.C. 1763) is amended by striking out “, pursuant to such regulations as may be issued by the Board,”;

   Effective date note
   Pub. L. 96–221, title II, § 207(b), Mar. 31, 1980, 94 Stat. 144, provided in part that the amendment made by that section is effective 6 years after Mar. 31, 1980. Amendment by section 305(c) of Pub. L. 96–221 effective at close of Mar. 31, 1980, see section 306 of Pub. L. 96–221, set out as a note under section 1464 of this title.

8. 1980

   Depository Institutions Deregulation and Monetary Control Act of 1980

   Pub. L. 96–221 § 305(c) · 94 Stat. 131

   Inserted · 12 U.S.C. § 1763

   Pub. L. 96–221, § 305(c), inserted provisions relating to share draft accounts

   Target inherited from the preceding amendment note.

   Source evidence

   Code amendment note
   Pub. L. 96–221, § 305(c), inserted provisions relating to share draft accounts.

   Enacted provision · exact public law section
   (c) Section 117 of the Federal Credit Union Act (12 U.S.C. 1763) is amended— (1) in the first sentence— (A) by striking out “and” the second place it appears therein and inserting in lieu thereof a comma; and (B) by inserting “, and at different rates on different types of share draft accounts” before the period at the end thereof; and (2) in the second sentence, by striking out “and share certificates” and inserting in lieu thereof share certificates, and share draft accounts

   Effective date note
   Pub. L. 96–221, title II, § 207(b), Mar. 31, 1980, 94 Stat. 144, provided in part that the amendment made by that section is effective 6 years after Mar. 31, 1980. Amendment by section 305(c) of Pub. L. 96–221 effective at close of Mar. 31, 1980, see section 306 of Pub. L. 96–221, set out as a note under section 1464 of this title.

9. 1982

   Garn-St Germain Depository Institutions Act of 1982

   Pub. L. 97–320 title V § 524 · 96 Stat. 1469

   1. Substituted · 12 U.S.C. § 1763

      Pub. L. 97–320 substituted “the board of directors may declare” for “the board may declare”

   2. Substituted · 12 U.S.C. § 1763

      Pub. L. 97–320 substituted “Dividends credited” for “Dividend credit”

   3. Inserted · 12 U.S.C. § 1763

      Pub. L. 97–320 inserted provision that if the par value of a share exceeds $5, dividends shall be paid on all funds in the regular share account once a full share has been published

   Source evidence

   Code amendment note
   Pub. L. 97–320 substituted “the board of directors may declare” for “the board may declare” and “Dividends credited” for “Dividend credit”, and inserted provision that if the par value of a share exceeds $5, dividends shall be paid on all funds in the regular share account once a full share has been published.

   Enacted provision · exact public law section
   Sec. 524. requirement that credit union pay on all dollars after purchase of full share Section 117 of the Federal Credit Union Act (12 U.S.C. 1763) is amended to read as follows: “Sec. 117. “dividends At such intervals as the board of directors may authorize, and after provision for required reserves, the board of directors may declare, pursuant to such regulations as may be issued by the Board, a dividend to be paid at different rates on different types of shares, at different rates and maturity dates in the case of share certificates, and at different rates on different types of share draft accounts. Dividends credited may be accrued on various types of shares, share certificates, and share draft accounts as authorized by the board of directors. If the par value of a share exceeds $5, dividends shall be paid on all funds in the regular share account once a full share has been purchased.”.

13 of 15 references resolved to an enrolled provision · 2 partial