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 and inserting the following: The board of directors ; in subsection (a), as so designated, in the matter preceding paragraph (1), by striking shall meet at least once a month and ; and by adding at the end the following: The board of directors of a Federal credit union shall meet as follows:
Not less frequently than monthly during the 5-year period beginning on the date on which the organization certificate of the Federal credit union is approved. After the expiration of the 5-year period described in paragraph (1)— not less frequently than 6 times annually, with at least 1 meeting held during each fiscal quarter, with respect to a Federal credit union— with composite rating of 1 or 2 under the Uniform Financial Institutions Rating System (or an equivalent rating under a comparable rating system); and with a capability of management rating under the composite rating described in clause
(i)of 1 or 2; and not less frequently than monthly, with respect to a Federal credit union— with composite rating of 3, 4, or 5 under the Uniform Financial Institutions Rating System (or an equivalent rating under a comparable rating system); or with a capability of management rating under the composite rating described in clause
(i)of 3, 4, or 5. .
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Sec. 2
Frequency of board of directors meetings
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