Page:United States Statutes at Large Volume 48 Part 1.djvu/1243

 73d C ONGRESS. SESS. II. CH. 750. JUNE 26, 1934 . 1217 in this Act the term " Administration " means Farm Credit Admin- istration, and the term " Governor " means the Governor thereof. JWERAL CREDIT UNI ON ORGANIZATION SEC. 3. Any seven or more natural persons who desire to form a dm organization proce- Federal credit union shall subscribe before some officer competent specified afetocont in to administer oaths an organization certificate in duplicate which shall spe cifically state- (1) The name of the association. (2) The location of the proposed Federal credit union and the territory in which it will operate. (3) The names and addresses of the subscribers to the certificate and the number of shares subscribed by each. (4) The par value of the shares, which shall be $5 each. (5) The proposed field of membership, specified in detail. (6) The term of the existence of the corporation, which may be perpetual. (7) The fact that the certificate is made to enable such persons to avail themselves of the advantages of this Act. Such organization certificate may also contain any provisions business. affecting approved by the Governor for the management of the business of the association and for the conduct of its affairs and relative to the powers of its directors, officers, or stockholders. APPROVAL OF ORGANIZATION CER'11r1CATE Approval oforganiza- tion certificate. SEC. 4. Any such organization certificate shall be presented to the Certificate to be pre- Governor for approval. Upon such approval the Federal credit Se Uponoappoval,rcer- tificate to become char- union shall be a body corporate and as such, subject to the limita- ter of body corporate. tions herein contained, shall be vested with all of the powers and charged with all the liabilities conferred and imposed by this Act upon corporations organized hereunder. Before any organization certificate is approved an appropriate investigation shall be made for the purpose of determining (1) whether the organization cer- tificate conforms to the provisions of this Act ; (2) the general character and fitness of the subscribers thereto ; and (3) the economic advisability of establishing the proposed Federal credit union. Upon approval of such organization certificate by the Governor it shall be the charter of the corporation and one of the originals thereof shall be delivered to the corporation after the payment of the fee required therefor. 86637o-31 -77 FEES SEC. 5 . For the purpose of paying the costs incident to the ascer- tainment of whether an organization certificate should be approved the subscribers to any such certificate shall pay, at the time of filing their organization certificate, the amount prescribed by the Governor, which shall not exceed $20 in any case ; and on the approval of any organization certificate they shall also pay a fee of $5. During December of each calendar year each Federal credit union shall pay to the Admini strati on a f ee of not to exceed $10, to be fixed by the Governor, for the cost of supervision : Provided, however, That no such annual fee shall be payable by such an organization for the fractional part of the first calendar year during which it is formed. All such fees shall be deposited with the Treasurer of the United States for the account of the Administration and may be expended by the Govern or for such admini strati ve and other expens es inc urred in carrying out the provisions hereof as he may determine to be '° Administration." "Governor ." Federal credit union. Fees . Provisions fo r, to cover costs . Annual payments . Proviso . Fractions of a ycar . Deposit and expendi- ture.