§ 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.