Page:United States Statutes at Large Volume 47 Part 1.djvu/355

 72d CONGRESS. SESS. I. CHS. 272, 273 . JUNE 23, 1932. 331 EXPULSION AND WITHDRAWAL SE C. 14. A member may be expelled by a two-thirds vote of the members of the corporation present at a special meeting called for such purpo se, bu t onl y aft er an oppor tunit y has been given him to be heard. The credit union may require sixty days notice of inten- tion to withdraw shares. Expulsion or withdrawal shall not operate to relieve a member from any remaining liability to the credit union. All amounts paid in on shares or deposited by expelled or - with- drawing members prior to their expulsion or withdrawal shall be paid to them in the order of their withdrawal or expulsion, but only as funds become available and after deducting any amounts due from such members to the credit union. MIN ORS Minors. SEC. 15. Shares may be issued and deposits received in the name Issuance of shares, of a minor or in trust in such manner as the by-laws may provide. trust " name or, or in The name of the beneficiary shall be disclosed to the credit union . TAXATION Taxation . SEC . 16 . Credit unions but not the mem bers the reof, s hall be Credit unions ex- empt, except on real exempt f rom Federa l and Dis trict of Columbia taxation e xcept property taxes upon real propery 1 'So in original . RESTRICTION ON USE OF WORDS " CREDIT UNION " Expulsion and with . drawal. Prov ision s gove rning . "Credit Union. SEC. 17. It shall be unlawful for any individual, artnershi Use of name restrict- y P PI ed to legitimate organ- associ ation, o r corpor ation, e xcept co rporation s organi zed in a ccord- izations. ance with this Act, to transact business in the District of Columbia under any name or t itle con tain ing the words " credit union," or to transact business at any place in the United States under any name or title containing the words " credit union " and " District of Colu mbia " or other words indicating that the business is - trans- acted pursuant to authority of any Act of Congress. Any individual, part nership, associat ion, or corporat ion viol ating th is secti on shall Penaltyfbrviolation. upon conviction thereof be subject to a fine not in excess of $100 for each day during which the violation continues. SEC. 18. Congress reserves the right to alter, amend, or repeal Righ tsreserved. this Act or any part thereof, or any charter or certificate of incorpo- ration issued pursuant to the provisions of this Act. Approved, June 23, 1932 . (CH APTER 273 .] AN ACT June 23, 1932 . To amend section 14 of an Act entitled "An Act to adjust water-right charges, 	[ti . 4614 .1	to grant certain other relief on the Federal irrigation projects, and for other [Public, No. 191 .1 purposes," approved May 25, 1926 (44 Stat. 636), as amended (46 Stat. 249) . Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That an Act entitled "An Act to adjust water-right charges, to grant certain other relief on the Federal irrigation' projects, and for other pur- poses," approved May 25, 1926 (4 4 Stat. 636), as amended by the Act of April 23, 1930 (46 Stat. 249), be, and the same is hereby, further amended by adding after the subparagraph (a) in section 14 t h e fo llowing new subparagraph 11'ater right charges etc ., irrigation projects . Vol. 44, p. 630, Vol. 46, p. 249, amended.