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§ 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.



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