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§ 1795c. —  Membership.

WAIS Document Retrieval



[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 12USC1795c]

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


(a) Credit unions serving natural persons

    A credit union primarily serving natural persons may be a Regular 
member of the Facility by subscribing to the capital stock of the 
Facility in an amount not less than one-half of 1 per centum of the 
credit union's paid-in and unimpaired capital and surplus.

(b) Credit unions serving other credit unions

    A credit union or group of credit unions, primarily serving other 
credit unions, may be an Agent member of the Facility by--
        (1) obtaining the approval of the Board;
        (2) subscribing to the capital stock of the Facility in an 
    amount not less than one-half of 1 per centum of the paid-in and 
    unimpaired capital and surplus of all those credit unions which 
    primarily serve natural persons, which are members of such credit 
    union or of any credit union comprising such credit union group, and 
    which are not regular members;
        (3) agreeing to comply with rules and regulations the Board 
    shall prescribe with respect to, but not limited to, management 
    quality, asset and liability safety and soundness, internal 
    operating and control practices and procedures, and participation of 
    natural persons in the affairs or \1\ such credit union or credit 
    union group; and
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    \1\ So in original. Probably should be ``of''.
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        (4) agreeing to submit to the supervision of the Board which 
    shall include, but not be limited to, reporting requirements and 
    periodic unrestricted examinations.

(c) Stock subscription requirements

    Stock subscriptions provided for in subsections (a) and (b)(2) of 
this section shall be--
        (1) based on an arithmetic average of paid-in capital and 
    surplus over the six months preceding application and membership; 
    and
        (2) adjusted at the close of each calendar year in accordance 
    with an arithmetic average of paid-in capital

	 
	 


































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