Page:United States Statutes at Large Volume 47 Part 1.djvu/353

 72d CONGRESS. SESS. I. CH. 272 . J UNE 23, 1932 . 329 sioners of the District of Columbia as being duly adopted and in confo rmity with the p rovis ions of thi s Act. The meeting shall be duly called for the purpose and the proposed amehdments shall be set forth in the call. MEMBERSHIP Membership. SEC. 9. Credit-union membership shall consist of the incorporators "o-position, quau • and such other persons or organizations as may be elected to mem- ficacions, etc . bership and subscribe to at least one share but not more than two hundred shares by any one individual, pay the initial installment thereon, and the entrance fee, if any ; except that credit-union mem- bership shall be limited to groups the members of which are actual residents of or do business or are employed within the District of Columbia, and either have a common bond of occupation of associa- tion or re side w ithin a we ll-de fined neigh borho od or commu nity . ME MBE RS' ME ETI NGS MANAGEMENT Procedure and ap- proval . Meetings. SEC. 10 . The fiscal year of all credit unions shall end Decem- r• iscal year. ber 31. The ann ual meeting of the corpo ration shall be held at Ja nuar y m eeti ngs in such tim e du ring the month of January and at such place as the by-laws shall prescribe. Special meetings may be held in the man- sp ecia l meetings. ner indicated in the by-laws. No member shall be entitled to vote Vot ing restrictions. by proxy, but a memb er other than a na tural pers on may vo te throi.gh an agent delegated for the purpose. No member shall, irre- spective of the number of shares held by him, have more than one vote ; and, after a credit union has been incorporated one year, no member thereof shall be entitled to vote until he has been a member for more than th ree months. All offices of a credit union shall be Location of offices. i n the District of Columbia. Management. SEC. 11 (a) GENERAL.The business affairs of a credit union shall G en era l organ ization. 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 three members, to be elected at the annual meeting, and Terms of office. to hold office for such terms, respectively, as the by-laws may provide and until successors qualify ; except that prior to the first annual I lanagem entbysu b. meeting all the business affairs of a credit union shall be managed scribers. by the subscribers to the certificate of incorporation. A record of Election returns. the names and addresses of the members of the board and commit- tees and the officers shall be filed with the Commissioners of the District of Columbia within ten days of their election. No member Pay restrictions. of the board or of either committee shall, as such, be compensated Provided, That no person shall be elected to the board or to either Qualifications. committee unless he be duly elected to membership as provided in section 9 of this Act. (b) OFFICERS.-At their first meeting after the annual meeting the Officers. duties, etc . directors shall elect from their own number a president, a vice presi- dent, a clerk, and a treasurer, who shall be the executive officers of the corporation. The offices of clerk and treasurer may be held by the same person. The duties of the officers shall be as determined in the by-laws, except that the treasurer shall be the general manager of the corporation. (c ) DI RECT ORS .-The board of director s shall have the general Poecn,(inties, etc direction of the affairs of the corporation . They shall act upon ap- plication for membership ; fix the amount of the surety bond required i