§ 1761. — Management.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1761]
TITLE 12--BANKS AND BANKING
CHAPTER 14--FEDERAL CREDIT UNIONS
SUBCHAPTER I--GENERAL PROVISIONS
Sec. 1761. Management
(a) Board of directors, credit committee, and supervisory committee;
election to board
The management of a Federal credit union shall be by a board of
directors, a supervisory committee, and where the bylaws so provide, a
credit committee. The board shall consist of an odd number of directors,
at least five in number, to be elected annually by and from the members
as the bylaws provide. Any vacancy occurring on the board shall be
filled until the next annual election by appointment by the remainder of
the directors.
(b) Membership on supervisory committee; names and addresses of officers
and committee members
The supervisory committee shall be appointed by the board of
directors and shall consist of not less than three members nor more than
five members, one of whom may be a director other than the compensated
officer of the board. A record of the names and addresses of the
executive officers, members of the supervisory committee, credit
committee, and loan officers, shall be filed with the Administration
within ten days after their election or appointment.
(c) Compensation
No member of the board or of any other committee shall, as such, be
compensated, except that reasonable health, accident, similar insurance
protection, and the reimbursement of reasonable expenses incurred in the
execution of the duties of the position shall not be considered
compensation.
(June 26, 1934, ch. 750, title I, Sec. 111, formerly Sec. 11, 48 Stat.
1219; June 15, 1940, ch. 366, 54 Stat. 398; July 31, 1946, ch. 711,
Secs. 3-6, 60 Stat. 745; 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; Oct. 25, 1949, ch. 713, Sec. 2, 63 Stat. 890; June 30, 1954,
ch. 426, Sec. 1, 68 Stat. 335; Aug. 24, 1954, ch. 905, Secs. 1, 2, 68
Stat. 792; renumbered Sec. 12 and amended Pub. L. 86-354, Sec. 1, Sept.
22, 1959, 73 Stat. 632; Pub. L. 88-353, Sec. 2, July 2, 1964, 78 Stat.
269; Pub. L. 91-206, Sec. 2(3), Mar. 10, 1970, 84 Stat. 49; renumbered
title I, Sec. 111, Pub. L. 91-468, Sec. 1(2), Oct. 19, 1970, 84 Stat.
994; amended Pub. L. 93-495, title I, Sec. 116, Oct. 28, 1974, 88 Stat.
1507; Pub. L. 95-630, title V, Sec. 502(b), Nov. 10, 1978, 92 Stat.
3681; Pub. L. 97-320, title V, Sec. 520, Oct. 15, 1982, 96 Stat. 1531.)
Amendments
1982--Pub. L. 97-320 substituted provisions divided into subsecs.
(a), (b), and (c) relating to the management of a Federal credit union,
including the board of directors, credit and supervisory committees, and
the matter of their compensation, for provisions which read as follows:
``The business affairs of a Federal credit union shall be managed by a
board of not less than five directors, and a credit committee of not
less than three members, all to be elected at the annual members'
meeting by and from the members, and by a supervisory committee of not
less than three members nor more than five members, one of whom may be a
director other than the treasurer, to be appointed by the board. Any
vacancy occurring in the supervisory committee shall be filled in the
same manner as original appointments to such committee. All members of
the board and of such committees shall hold office for such terms,
respectively, as the bylaws may provide. A record of the names and
addresses of the members of the board and such committees and of the
officers of the credit union shall be filed with the Administration
within ten days after their election or appointment. No member of the
board or of either such committee shall, as such, be compensated:
Provided, however, That reasonable health, accident, and similar
insurance protection shall not be considered compensation under
regulations promulgated by the Board.''
1978--Pub. L. 95-630 substituted ``Board'' for ``Administrator''.
1974--Pub. L. 93-495 inserted proviso relating to compensation in
the form of health, accident, and similar insurance protection.
1970--Pub. L. 91-206 substituted ``Administration'' for ``Bureau''.
1964--Pub. L. 88-353 increased size of supervisory committee from
three members to not less than three members nor more than five members.
1959--Pub. L. 86-354 provided for appointment instead of election of
members of supervisory committee and for filling of vacancies in such
committee, and struck out former subsecs. (b) to (e) relating to
officers, directors, credit committee and supervisory committee. See
sections 1761a to 1761d of this title, respectively.
1954--Subsecs. (b), (c). Act Aug. 24, 1954, provided express
authority for the Director of the Bureau of Federal Credit Unions to
regulate the minimum amount and character of surety bonds for officers
and employees.
Subsec. (c). Act June 30, 1954, inserted provision with respect to
interest refunds.
1949--Subsec. (d). Act Oct. 25, 1949, substituted ``$400'' for
``$300'' wherever appearing.
1946--Subsec. (c). Act July 31, 1946, struck out ``fix the amount
and character of the surety bond required of any officer having custody
of funds'' and inserted ``require any officer or employee having custody
of or handling funds to give bond with good and sufficient surety in an
amount and character to be determined, from time to time, by the board
and authorize the payment of the premium or premiums therefor from the
funds of the Federal credit union''.
Subsec. (d). Act July 31, 1946, struck out requirement that notice
of meeting of the credit committee must be given by the treasurer and
increased the maximum amount of an unsecured loan to a member from $100
to $300.
Subsec. (e). Act July 31, 1946, inserted last sentence defining
``passbook''.
1940--Subsec. (d). Act June 15, 1940, substituted ``$100'' for
``$50'' 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.
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.
