Title 12 — Banks and Banking
Chapter 14 — Federal Credit Unions
§ 1795d. Capital stock
Statutory text
Opening of books; minimum subscription
As soon as practicable, the Board shall open books for subscriptions to the capital stock of the Facility. The minimum subscription shall be $50.
Requirements
The capital stock of the Facility—
shall be divided into shares having a par value of $50 each;
shall be paid for with cash or with securities of the United States or any Agency thereof in accordance with requirements the Board may impose;
shall share in dividend distributions at rates determined by the Board. However, rates on the required capital stock shall be without preference; and
shall not be transferred or hypothecated except as provided for herein.
Redemption of stock
When circumstances require that all or a portion of a member’s stock be redeemed by the Facility, the Board shall pay an amount equal to what the member originally paid for the stock less any amount owed by the member to the Facility.
Use of subscription amount
At least one-half of the payment for the subscription amount required for membership under section 1795c of this title shall be transferred to the Facility. The remainder may be held by the member on call of the Board and shall be invested in assets designated by the Board.
Restriction on advances to credit unions
A credit union or credit union group that becomes a member of the Facility later than six months after the date the Board opens books for capital stock subscriptions, may not borrow or receive advances from the Facility without approval by the Board for a period of six months after becoming a member.
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.
Financial Institutions Regulatory and Interest Rate Control Act of 1978
Pub. L. 95–630 title V § 502(b) · 92 Stat. 3641
Enacted · 12 U.S.C. § 1795d
June 26, 1934, ch. 750, title III, formerly subch. III, § 305, as added and amended Pub. L. 95–630, title V, § 502(b), title XVIII, § 1802, Nov. 10, 1978, 92 Stat. 3681, 3721
Source evidence
Code source credit
June 26, 1934, ch. 750, title III, formerly subch. III, § 305, as added and amended Pub. L. 95–630, title V, § 502(b), title XVIII, § 1802, Nov. 10, 1978, 92 Stat. 3681, 3721Enacted 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 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.Financial Institutions Regulatory and Interest Rate Control Act of 1978
Pub. L. 95–630 § 502(b) · 92 Stat. 3641
Substituted · 12 U.S.C. § 1795d
Pub. L. 95–630, § 502(b), substituted “Board” for “Administrator” wherever appearing
Source evidence
Code amendment note
Pub. L. 95–630, § 502(b), substituted “Board” for “Administrator” wherever appearing.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 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.Depository Institutions Deregulation and Monetary Control Act of 1980
Pub. L. 96–221 § 309(a)(4) · 94 Stat. 131
Substituted · 12 U.S.C. § 1795d(a)
Pub. L. 96–221, § 309(a)(4), substituted “Board” for “Administrator”, such change having been previously made by Pub. L. 95–630
Source evidence
Code amendment note
Subsec. (a). Pub. L. 96–221, § 309(a)(4), substituted “Board” for “Administrator”, such change having been previously made by Pub. L. 95–630.Enacted provision · exact public law section
(4) in title III, as so redesignated by subsection (b)(1), by 12 USC 1795b–1795g. striking out “Administrator” each place it appears and inserting in lieu thereof “Board”.Depository Institutions Deregulation and Monetary Control Act of 1980
Pub. L. 96–221 § 309(a)(2) · 94 Stat. 131
Substituted · 12 U.S.C. § 1795d(b)
Pub. L. 96–221, § 309(a)(2), (4), substituted “Board” for “Administrator” wherever appearing, such change having been previously made by Pub. L. 95–630, and in par. (3) inserted specific requirement that rates on required capital stock be without preference
Source evidence
Code amendment note
Subsec. (b). Pub. L. 96–221, § 309(a)(2), (4), substituted “Board” for “Administrator” wherever appearing, such change having been previously made by Pub. L. 95–630, and in par. (3) inserted specific requirement that rates on required capital stock be without preference.Enacted provision · exact public law section
(2) by striking out section 305(b)(3) and inserting in lieu thereof the following: “(3) shall share in dividend distributions at rates determined by the Board. However, rates on the required capital stock shall be without preference; and”;Depository Institutions Deregulation and Monetary Control Act of 1980
Pub. L. 96–221 § 309(a)(4) · 94 Stat. 131
Substituted · 12 U.S.C. § 1795d(c)(e)
Pub. L. 96–221, § 309(a)(4), substituted “Board” for “Administrator” wherever appearing, such change having been previously made by Pub. L. 95–630
Source evidence
Code amendment note
Subsecs. (c) to (e). Pub. L. 96–221, § 309(a)(4), substituted “Board” for “Administrator” wherever appearing, such change having been previously made by Pub. L. 95–630.Enacted provision · exact public law section
(4) in title III, as so redesignated by subsection (b)(1), by 12 USC 1795b–1795g. striking out “Administrator” each place it appears and inserting in lieu thereof “Board”.
5 of 5 references resolved to an enrolled provision
Editorial Notes
Codification
Section 309(b)(1) of Pub. L. 96–221 redesignated subch. III as title III of act June 26, 1934, ch. 750, cited as a credit to this section.
Amendments1978–1980 · 2 rounds
1980
Subsec. (a). Pub. L. 96–221, § 309(a)(4), substituted “Board” for “Administrator”, such change having been previously made by Pub. L. 95–630.
Subsec. (b). Pub. L. 96–221, § 309(a)(2), (4), substituted “Board” for “Administrator” wherever appearing, such change having been previously made by Pub. L. 95–630, and in par. (3) inserted specific requirement that rates on required capital stock be without preference.
Subsecs. (c) to (e). Pub. L. 96–221, § 309(a)(4), substituted “Board” for “Administrator” wherever appearing, such change having been previously made by Pub. L. 95–630.
1978
Pub. L. 95–630, § 502(b), substituted “Board” for “Administrator” wherever appearing.
Statutory Notes and Related Subsidiaries
Effective Date of 1978 Amendment
Amendment 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.
Effective Date
Section effective , see section 1806 of Pub. L. 95–630, set out as a note under section 1795 of this title.
Credits
1934–1980 · 2 acts
- 1934June 26, 1934, ch. 750, title III, formerly subch. III, § 305, as added and amended Pub. L. 95–630, title V, § 502(b), title XVIII, § 1802, , 92 Stat. 3681, 3721
- 1980Pub. L. 96–221, title III, § 309(a)(2), (4), (b)(1), , 94 Stat. 148, 149.
Show as published
(June 26, 1934, ch. 750, title III, formerly subch. III, § 305, as added and amended Pub. L. 95–630, title V, § 502(b), title XVIII, § 1802, , 92 Stat. 3681, 3721; Pub. L. 96–221, title III, § 309(a)(2), (4), (b)(1), , 94 Stat. 148, 149.)