Page:United States Statutes at Large Volume 48 Part 1.djvu/1245

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73d CONGRESS. SESS. II . CH. 750. JUNE 26, 1934 .

1219 (10) To fine members, in accordance with the bylaws, for failure To fine delinquents . to meet promptly their obligations to the Federal credit union . (11) To impress and enforce a lien upon the shares and dividends of any member, to the extent of any loan made to him and any dues or fines payable by him . (12) To exercise such incidental powers as shall be necessary pr atExe rcise othe r eor - or requisite to enable it to carry on effectively the business for which it is incorporated . BYLAWS To impr ess a lien for loans, etc . Byl aws . SEC . 8. In order to simplify the organization of Federal credit Governor to pre. unions the Governor shall, upon the passage of this Act, cause to scribe. b e prepar ed a f orm of organ izatio n cert ificate and a form of byl aws, consistent with this Act, which shall be used by Federal credit union incorporators, and shall be supplied to them on request . At the time of presenting the organization certificate the incorporators shall also submit proposed bylaws to the Governor for his approval . MEMBERSHIP SEC. 9. Federal credit union membership shall consist of the Limitations, require . meats, fee, etc. incorporators and such other persons and incorporated and unin- corporated or ganizations, to the extent permitted by rules and regu- lations prescribed by the Governor, as may be elected to membership and as shall, each, subscribe to at least one share of its stock and pay t he in itial ins tallm ent t here on an d the entr ance fee ; except that Federal credit union membership shall be limited to groups having a common bond of occupation, or association, or to groups within a well -defin ed nei ghborh ood, c ommunit y, or rural distri ct . MEMBERS' MEETINGS SEC . 10 . The fiscal year of all Federal credit unions shall end December 31 . The annual meeting of each Federal credit union shall " Annual and special be held at such time during the month of the following January and at such place as its bylaws shall prescribe . Special meetings may be held in the manner indicated in the bylaws . No member shall be bidden .g by proxy for- entitled to vote by proxy, but a member other than a natural person may vote through an agent designated for the purpose . Irrespective one ember to have hut of the number of shares held by him, no member shall have more than one vote . MANAGEMENT

Man agement . SEC . 11 . (a) The business affairs of a Federal credit union shall be managed by a board of not less than five directors, a credit committee of not less than three members, and a supervisory com- mittee of thr ee mem bers ( a majo rity o f whom shall not be direc tors) all to be elected by the members (and from their number) at their annual meeti ng, an d to h old of fice f or such terms , resp ective ly, as the bylaws may provide . A record of the names and addresses of the mem bers o f the board and co mmitte es and office rs sha ll be filed with the Administration within ten days after their election . No member of the board or of either committee shall, as such be compensated . OEFICE RS Membership . Me mhers' meeting s . Fiscal year . Business to be con- ducted by board of not less tban 5 direetors . Credit an d super- v isory commi ttees of 3 members. Roster to be filed with Administration . Officers. Directors to elect, (b) At their first meeting after the annual meeting of the mem- from their n be r, bers, the directors shall elect from their number a president, a vice certain executive of]- , president, a clerk, and a treasurer, who shall be the executive officers