§ 1761a. — Officers of the board.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1761a]
TITLE 12--BANKS AND BANKING
CHAPTER 14--FEDERAL CREDIT UNIONS
SUBCHAPTER I--GENERAL PROVISIONS
Sec. 1761a. Officers of the board
At their first meeting after the annual meeting of the members, the
directors shall elect from their number the board officers specified in
the bylaws. Only one board officer may be compensated as an officer of
the board and the bylaws shall specify such position as well as the
specific duties of each of the board officers. The board shall elect
from their number a financial officer who shall give adequate fidelity
coverage in accordance with section 1761b(2) of this title.
(June 26, 1934, ch. 750, title I, Sec. 112, formerly Sec. 13, as added
Pub. L. 86-354, Sec. 1, Sept. 22, 1959, 73 Stat. 632; amended Pub. L.
88-150, Sec. 2, Oct. 17, 1963, 77 Stat. 270; Pub. L. 91-206, Sec. 2(1),
Mar. 10, 1970, 84 Stat. 49; renumbered title I, Sec. 112, 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, Sec. 521, Oct. 15, 1982, 96 Stat. 1531; Pub. L. 100-86, title
VII, Sec. 704(a), Aug. 10, 1987, 101 Stat. 652.)
Prior Provisions
Provisions similar to those comprising this section were contained
in section 11(b) of act June 26, 1934, ch. 750, 48 Stat. 1219 (formerly
classified to section 1761(b) of this title), prior to the amendment and
renumbering of act June 26, 1934, by Pub. L. 86-354.
Amendments
1987--Pub. L. 100-86 inserted third sentence and struck out former
third sentence which read as follows: ``The board shall elect from their
number a financial officer who shall give bond with good and sufficient
surety, in an amount and character to be determined by the board of
directors in compliance with regulations prescribed from time to time by
the Board conditioned upon the faithful performance of the officer's
trust.''
1982--Pub. L. 97-320 substituted provisions relating to the officers
of the board for provisions which read: ``At their first meeting after
the annual meeting of the members, the directors shall elect from their
number a president, one or more vice presidents, a secretary, and a
treasurer, who shall be the executive officers of the corporation. No
executive officer, except the treasurer, shall be compensated as such.
The offices of secretary and treasurer may be held by the same person.
The duties of the officers shall be as determined by the bylaws. Before
the treasurer shall enter upon his duties he shall give bond with good
and sufficient surety, in an amount and character to be determined by
the board of directors in compliance with regulations prescribed from
time to time by the Board, conditioned upon the faithful performance of
his trust.''
1978--Pub. L. 95-630 substituted ``Board'' for ``Administrator''.
1970--Pub. L. 91-206 substituted ``Administrator'' for ``Director''.
1963--Pub. L. 88-150 struck out ``, except that the treasurer shall
be the general manager of the corporation'' after ``bylaws'' in fourth
sentence.
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.
