75TH CONGRESS, 2n SESSION-CH. 3 -DECEMBER 6, 1937 [CHAPTER 3] AN ACT December 6, 1937 AN ACT [8.2675] To amend certain sections of the Federal Credit Union Act approved June 26, [Public, No. 416] 1934 (Public, Numbered 467, Seventy-third Congress). Be it enacted by the Senate and House of Representatives of the Federal Credit Un- United States of America in Congress assembled, That section 6 of ion Act, amendments. 4ssttat. 1218. the Federal Credit Union Act, approved June 26, 1934 (U. S . C., 12 U. S . C . 1756 1934 edition, title 12, sec. 1756), be, and the same is hereby, amended to read as follows: Supervision,reports, "SEC. 6. Federal credit unions shall be under the supervision of the Governor, and shall make such financial reports to him (at least annually) as he may require. Each Federal credit union shall be subject to examination by, and for this purpose shall make its books and records accessible to, any person designated by the Governor. E"xamination f es , The Governor shall fix a scale of examination fees to be paid by Federal credit unions, giving due consideration to the time and expense incident to such examinations, and to the ability of Federal Assessmentandpay- credit unions to pay such fees, which fees shall be assessed against ent. and paid by each Federal credit union promptly after the completion Credit of fees col- of such examination. Examination fees collected under the provi- sions of this section shall be deposited to the credit of the special fund created by section 5 hereof, and shall be available for the purposes specified in said section 5." orporate powers. SEC. 2 . Paragraph (7). of section 7 of the Federal Credit Union 48 Stat. 1218. 12U.S. . 51757. Act (U. S . C ., 1934 edition, title 12, sec. 1757) is hereby amended by striking out the period at the end thereof, inserting a semicolon, Loans to other and adding the following: "(c) in accordance with rules and regula- tions prescribed by the Governor, in loans to other credit unions in the total amount not exceeding 25 per centum of its paid-in and InvestmentsinFe- unimpaired capital and surplus; (d) and in shares or accounts of eralsavings.et.s- Federal savings and loan associations." 488tat. 1221. SEC. 3. Section 16 of the Federal Credit Union Act (U. S. C., 1934 12U. S. C. 1. edition, title 12, sec. 1766) is hereby amended by adding subsection (e) to read as follows: Studies etred- e) The Governor is hereby authorized to make investigations and to conduct researches and studies of the problems of persons of small means in obtaining credit at reasonable rates of interest, and of the methods and benefits of cooperative saving and lending among Reports,etc. such persons. He is further authorized to make reports of such investigations and to publish and disseminate the same." s12 U.~. c 7 So. 4. Section 18 of the Federal Credit Union Act (U. S . C., 1934 edition, title 12, sec. 1768 is hereby amended to read as follows: aEemptionfrom tx- " SEC 18. The Federal credit unions organized hereunder their property, their franchises, capital, reserves, surpluses, and other funds, and their income shall be exempt from all taxation now or hereafter imposed by the United States or by any State, Territorial, Exception. or local taxing authority; except that any real property and any tangible personal property of such Federal credit unions shall be subject to Federal, State, Territorial, and local taxation to the same inc nusin liohn°ldf extent as other similar property is taxed. Nothing herein contained personal property of shall prevent holdings in any Federal credit union organized here- under from being included in the valuation of the personal property of the owners or holders thereof in assessing taxes imposed by authority of the State or political subdivision thereof in which the Collionandpay- Federal credit union is located: Provided, however, That the duty ment. or burden of collecting or enforcing the payment of such tax shall Tax rate. not be imposed upon any such Federal credit union and the tax shall not exceed the rate of taxes imposed upon holdings in domestic credit unions." 4
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