§ 1761b. Board of directors; meetings; powers and duties; executive committee; membership officers; membership application
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/usc/title-12/section-1761bA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The board of directors shall meet at least once a month and shall have the general direction and control of the affairs of the Federal credit union. Minutes of all meetings shall be kept. Among other things, the board of directors shall—
(1)act upon applications for membership or appoint membership officers from among the members of the credit union, other than the board member paid as an officer, the financial board officer, any assistant to the paid officer of the board or to the financial officer, or any loan officer;
(2)provide adequate fidelity coverage for officers and employees having custody of or handling funds according to regulations issued by the Board;
(3)fill vacancies on the board of directors until successors elected at the next annual meeting have qualified;
(4)if the bylaws provide for an elected credit committee, fill vacancies on the credit committee until successors elected at the next annual meeting have qualified;
(5)appoint the members of the supervisory committee and, if the bylaws so provide, appoint the members of the credit committee;
(6)have charge of investments including the right to designate an investment committee of not less than two to act on its behalf;
(7)determine the maximum number of shares, share certificates, and share draft accounts, and the classes of shares, share certificates, and share draft accounts;
(8)subject to any limitations of this subchapter,1 determine the interest rates on loans, the security, and the maximum amount which may be loaned and provided in lines of credit;
(9)authorize interest refunds to members of record at the close of business on the last day of any dividend period from income earned and received in proportion to the interest paid by them during that dividend period;
(10)if the bylaws so provide, appoint one or more loan officers and delegate to these officers the power to approve or disapprove loans, lines of credit, or advances from lines of credit;
(11)establish the par value of the share;
(12)subject to the limitations of this subchapter and the bylaws of the credit union, provide for the hiring and compensation of officers and employees;
(13)if the bylaws so provide, appoint an executive committee of not less than three directors to act on its behalf and any other committees to which it can delegate specific functions;
(14)prescribe conditions and limitations for any committee which it appoints;
(15)review at each monthly meeting a list of approved or pending applications for membership received since the previous monthly meeting together with such other related information as it or the bylaws require;
(16)provide for the furnishing of the written reasons for any denial of a membership application to the applicant upon the written request of the applicant;
(17)in the absence of a credit committee, and upon the written request of a member, review a loan application denied by a loan officer;
(18)declare the dividend rate to be paid on shares, share certificates, and share draft accounts pursuant to the terms and conditions of section 1763 of this title;
(19)establish and maintain a system of internal controls consistent with the regulations of the Board;
(20)establish lending policies; and
(21)do all other things that are necessary and proper to carry out all the purposes and powers of the Federal credit union, subject to regulations issued by the Board.
(June 26, 1934, ch. 750, title I, § 113, formerly § 14, as added Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 632; amended Pub. L. 88–353, § 3, July 2, 1964, 78 Stat. 269; Pub. L. 90–375, § 1(4), July 5, 1968, 82 Stat. 284; Pub. L. 91–206, § 2(1), Mar. 10, 1970, 84 Stat. 49; renumbered title I, § 113, Pub. L. 91–468, § 1(2), Oct. 19, 1970, 84 Stat. 994; amended Pub. L. 93–383, title VII, § 723, Aug. 22, 1974, 88 Stat. 719; Pub. L. 95–22, title III, § 309, Apr. 19, 1977, 91 Stat. 53;
Pub. L. 95–630, title V, § 502(b), Nov. 10, 1978, 92 Stat. 3681; Pub. L. 97–320, title V, § 522, Oct. 15, 1982, 96 Stat. 1532; Pub. L. 97–457, § 28, Jan. 12, 1983, 96 Stat. 2510; Pub. L. 100–86, title VII, §§ 704(b), 705, Aug. 10, 1987, 101 Stat. 652.)
Connections49 cite this · traces to 3
Cited by 49 sections · top 48
U.S. Code
statutes-at-large
- Public Law 93–380
- Public Law 88–353
- Public Law 90–375
- Public Law 95–22To extend the authority for the flexible regulation of interest rates on deposits and accounts in depository institutions
- Public Law 97–320To revitalize the housing industry by strengthening the financial stability of home mortgage lending institutions and ensuring the availability of home mortgage loans
- Public Law 97–457
- Public Law 100–86To regulate nonbank banks, impose a moratorium on certain securities and insurance activities by banks, recapitalize the Federal Savings and Loan Insurance Corporation, allow emergency interstate bank acquisitions, streamline credit union operations, regulate consumer checkholds, and for other purpo
register
- Proposed RulesProposed rule
- NoticesProposed rule
- Rules and RegulationsProposed rule
- Rules and RegulationsFinal rule
- Proposed RulesProposed rule with request for comments
- NoticesNotice of submission to the Office of Management and Budget
- NoticesNotice
- Rules and RegulationsFinal rule
- NoticesNotice and request for comment
- UnknownNotice of Federal Credit Union Bylaws
- UnknownFinal rule
- Rules and RegulationsFinal rule; correction
- NoticesNotice and request for comments
- Proposed RulesProposed rule
- Proposed RulesFinal rule
- Proposed RulesProposed rule with request for comments
- NoticesProposed rule
- Rules and RegulationsFinal rule
- NoticesNotice of proposed rulemaking
statute-compilations
bill
- Sec. 2Frequency of board of directors meetings
- Sec. 2Frequency of board of directors meetings
- Sec. 2Frequency of board of directors meetings
- Sec. 2Frequency of board of directors meetings
- Sec. 2Frequency of board of directors meetings
- Sec. 2Frequency of board of directors meetings
- Sec. 1501Frequency of board of directors meetings
- Sec. 2Frequency of board of directors meetings
- Sec. 2Frequency of board of directors meetings
- Sec. 2Frequency of board of directors meetings
- Sec. 2Frequency of board of directors meetings
- Sec. 1501Frequency of board of directors meetings
- Sec. 2Frequency of board of directors meetings
- Sec. 2Frequency of board of directors meetings
- Sec. 2Frequency of board of directors meetings
- Sec. 605Credit Union Board Modernization
- Sec. 605Credit Union Board Modernization
- Sec. 206Credit Union Board Modernization
- Sec. 1501Frequency of board of directors meetings
- Sec. 1501Frequency of board of directors meetings
Traces to 3 documents
41 references not yet in our index
- 1
- June 26, 1934, ch. 750
- Pub. L. 86–354, § 1
- 73 Stat. 632
- Pub. L. 88–353, § 3
- 78 Stat. 269
- Pub. L. 90–375, § 1(4)
- 82 Stat. 284
- Pub. L. 91–206, § 2(1)
- 84 Stat. 49
- Pub. L. 91–468, § 1(2)
- 84 Stat. 994
- Pub. L. 93–383, title VII, § 723
- 88 Stat. 719
- Pub. L. 95–22, title III, § 309
- 91 Stat. 53
- Pub. L. 95–630, title V, § 502(b)
- 92 Stat. 3681
- Pub. L. 97–320, title V, § 522
- 96 Stat. 1532
- Pub. L. 97–457, § 28
- 96 Stat. 2510
- Pub. L. 100–86, title VII
- 101 Stat. 652
- act June 26, 1934, ch. 750
- 48 Stat. 1219
- Pub. L. 86–354
- Pub. L. 100–86, § 705
- Pub. L. 100–86, § 704(b)
- Pub. L. 97–457, § 28(1)
- Pub. L. 97–457, § 28(2)
- Pub. L. 97–457, § 28(3)
- Pub. L. 97–457, § 28(4)
- Pub. L. 97–320, § 522
- Pub. L. 95–630
- Pub. L. 95–22
- Pub. L. 93–383
- Pub. L. 91–206
- Pub. L. 90–375
- Pub. L. 88–353
+ 1 more
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cites case law
§ 1761b
Board of directors; meetings; powers and duties; executive committee; membership officers; membership application
Bills×20
Fed. Reg.×19
Stat.×8
Stat. Comp.×1
U.S.C.×1
Cite1
ActJune 26, 1934, ch. 750
Pub. L.Pub. L. 86–354, § 1
Stat.73 Stat. 632
Pub. L.Pub. L. 88–353, § 3
Cites 44 · showing 8Cited by 49 across 5 sources