§ 1753. — Federal credit union organization.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1753]
TITLE 12--BANKS AND BANKING
CHAPTER 14--FEDERAL CREDIT UNIONS
SUBCHAPTER I--GENERAL PROVISIONS
Sec. 1753. Federal credit union organization
Any seven or more natural persons who desire to form a Federal
credit union shall each subscribe either individually or collectively
before some officer competent to administer oaths an organization
certificate in duplicate which shall specifically state:
(1) the name of the association;
(2) the location of the proposed Federal credit union and the
territory in which it will operate;
(3) the names and addresses of the subscribers to the
certificate and the number of shares subscribed by each;
(4) the initial par value of the shares;
(5) the proposed field of membership, specified in detail;
(6) the term of the existence of the corporation, which may be
perpetual; and
(7) the fact that the certificate is made to enable such persons
to avail themselves of the advantages of this chapter.
Such organization certificate may also contain any provisions approved
by the Board for the management of the business of the association and
for the conduct of its affairs and relative to the powers of its
directors, officers, or stockholders.
(June 26, 1934, ch. 750, title I, Sec. 103, formerly Sec. 3, 48 Stat.
1217; 1947 Reorg. Plan No. 1, Sec. 401, eff. July 1, 1947, 12 F.R. 4534,
61 Stat. 952; June 29, 1948, ch. 711, Secs. 1, 2, 62 Stat. 1091;
renumbered Sec. 4 and amended Pub. L. 86-354, Sec. 1, Sept. 22, 1959, 73
Stat. 628; Pub. L. 91-206, Sec. 2(1), Mar. 10, 1970, 84 Stat. 49;
renumbered title I, Sec. 103, Pub. L. 91-468, Sec. 1(2), Oct. 19, 1970,
84 Stat. 994; amended Pub. L. 95-630, title V, Sec. 502(b), Nov. 10,
1978, 92 Stat. 3681; Pub. L. 97-320, title V, Secs. 503, 504, Oct. 15,
1982, 96 Stat. 1528.)
Amendments
1982--Pub. L. 97-320, Sec. 503, substituted ``each subscribe either
individually or collectively'' for ``subscribe''.
Par. (4). Pub. L. 97-320, Sec. 504, substituted ``the initial par
value of the shares'' for ``the par value of the shares, which shall be
$5 each''.
1978--Pub. L. 95-630 substituted ``Board'' for ``Administrator''.
1970--Pub. L. 91-206 substituted ``Administrator'' for ``Director''.
1959--Pub. L. 86-354 changed ``The'' to ``the'' in subsecs. (1) to
(7) and the period to a semicolon in subsecs. (1) to (6) and inserted
``and'' at end of subsec. (6).
Effective Date of 1978 Amendment
Amendment by Pub. L. 95-630 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.
Transfer of Functions
Transfer of functions of Farm Credit Administration and Governor
thereof, generally, see notes set out under section 1751 of this title.
Functions of Governor of Farm Credit Administration under this
section transferred to Federal Deposit Insurance Corporation by Reorg.
Plan No. 1 of 1947.
Section Referred to in Other Sections
This section is referred to in section 1773 of this title.