Sec. 2. Frequency of board of directors meetings
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Section 113 of the Federal Credit Union Act ( 12 U.S.C. 1761b ) is amended— in paragraph (15), by striking monthly each place the term appears; in the matter preceding paragraph (1), by striking The board of directors shall meet at least once a month and and inserting the following: The board of directors ; and by adding at the end the following: The board of directors shall meet as follows: Except as provided in paragraphs
(2)and (3), not less frequently than 6 times annually, with not fewer than 1 meeting held during each fiscal quarter. Not less frequently than monthly during the 5-year period beginning on the date on which the charter is issued. Not less frequently than monthly with respect to a Federal credit union with composite rating of 4 or 5 under the Uniform Financial Institutions Rating System (or an equivalent rating under a comparable rating system). .
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Sec. 2
Frequency of board of directors meetings
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