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

 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