§ 5426. — United States policy of private financial support for Polish and Hungarian credit unions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 22USC5426]
TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
CHAPTER 63--SUPPORT FOR EAST EUROPEAN DEMOCRACY (SEED)
SUBCHAPTER II--PRIVATE SECTOR DEVELOPMENT
Sec. 5426. United States policy of private financial support for
Polish and Hungarian credit unions
(a) In general
In order to facilitate the development of indigenous credit unions
in Poland and Hungary, it is the policy of the United States that--
(1) United States citizens, financial institutions (other than
federally insured depository institutions), and other persons may
make contributions and loans to, make capital deposits in, and
provide other forms of financial and technical assistance to credit
unions in Poland and Hungary; and
(2) federally insured depository institutions may provide
technical assistance to credit unions in Poland and Hungary, to the
extent that the provision of such assistance is prudent and not
inconsistent with safe and sound banking practice.
(b) Omitted
(c) Definitions
For purposes of subsection (a) of this section--
(1) the term ``credit union'' means a member-owned, nonprofit,
cooperative depository institution--
(A) which is formed to permit individuals in the field of
membership specified in such institution's charter to pool their
savings, lend the savings to one another, and own the
organization where they save, borrow, and obtain related
financial services; and
(B) whose members are united by a common bond and
democratically operate the institution; and
(2) the term ``federally insured depository institution''
means--
(A) any insured depository institution (as defined in
section 1813(c)(2) of title 12); and
(B) any insured credit union (as defined in section 1752(7)
of title 12).
(Pub. L. 101-179, title II, Sec. 206, Nov. 28, 1989, 103 Stat. 1310.)
Codification
Section is comprised of section 206 of Pub. L. 101-179. Subsec. (b)
of section 206 of Pub. L. 101-179 amended section 1757 of Title 12,
Banks and Banking.
