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§ 1795a. —  Definitions.



[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 12USC1795a]

 
                       TITLE 12--BANKS AND BANKING
 
                    CHAPTER 14--FEDERAL CREDIT UNIONS
 
               SUBCHAPTER III--CENTRAL LIQUIDITY FACILITY
 
Sec. 1795a. Definitions

    As used in this subchapter, the term--
        (1) ``liquidity needs'' means the needs of credit unions 
    primarily serving natural persons for--
            (A) short-term adjustment credit available to assist in 
        meeting temporary requirements for funds or to cushion more 
        persistent outflows of funds pending an orderly adjustment of 
        credit union assets and liabilities;
            (B) seasonal credit available for longer periods to assist 
        in meeting seasonal needs for funds arising from a combination 
        of expected patterns of movement in share and deposit accounts 
        and loans; and
            (C) protracted adjustment credit available in the event of 
        unusual or emergency circumstances of a longer term nature 
        resulting from national, regional or local difficulties.

        (2) ``Central Liquidity Facility'' or ``Facility'' means the 
    National Credit Union Central Liquidity Facility;
        (3) ``paid-in and unimpaired capital and surplus'' means the 
    balance of the paid-in share accounts and deposits as of a given 
    date, less any loss that may have been incurred for which there is 
    no reserve or which has not been charged against undivided earnings, 
    plus the credit balance (or less the debit balance) of the undivided 
    earnings account as of a given date, after all losses have been 
    provided for and net earnings or net losses have been added thereto 
    or deducted therefrom. Reserves shall not be considered as part of 
    surplus, and
        (4) ``member'' means a Regular or an Agent member of the 
    Facility.

(June 26, 1934, ch. 750, title III, formerly subch. III, Sec. 302, as 
added Pub. L. 95-630, title XVIII, Sec. 1802, Nov. 10, 1978, 92 Stat. 
3719; amended Pub. L. 96-221, title III, Sec. 309(b)(1), (2), Mar. 31, 
1980, 94 Stat. 149.)

                          Codification

    Section 309(b)(1) of Pub. L. 96-221 redesignated subch. III as title 
III of act June 26, 1934, ch. 750, cited as a credit to this section.


                               Amendments

    1980--Pub. L. 96-221, Sec. 309(b)(2), substituted ``title'' for 
``subchapter'', which for purposes of codification has been editorially 
translated as ``subchapter'', thereby requiring no further change in 
text.



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