Page:United States Statutes at Large Volume 48 Part 1.djvu/1246

 1220 Compensation allowed. Duties. Treasurer to furnish bond. Directors. Mee tin gs, records, pow ers, etc (c) The board of directors shall meet at least once a month and . shall have the general direction and control of the affairs of the corporation. Minutes of all such meetings shall be kept. Among other things they shall act upon applications for membership fix the amount and character of the surety bond required of any officer having custody of funds ; recommend the declaration of dividends ; fi ll vacanc ies in th e board a nd in the credit committee until su ccessors elected at the next annual meeting have qualified ; have charge of investments other than loans to members ; determine from time to time the maximum number of shares that may be held by any indi- vidual ; and, subject to the limitations of this Act, determine the interest rates on loans and the maximum amount that may be loaned with or without security to any member. Credit Committee. (d ) The credit commi ttee s hall h old su ch meet ings a s the busine ss of the Federa l cred it uni on may requi re and not le ss fre quentl y than once a month (of which meetings due notice shall be given to mem- bers of the c ommitt ee by the tr easure r) to c onside r appl icatio ns for loans. No loan shall be made unless approved by a majority of the entire committee and by all of the members of the committee who are present at the meeting at which the application is considered. Applications for loans shall be made on forms prepared by such Committee, which shall set forth the purpose for which the loan is desired, the security, if any, and such other data as may be required. No loan in ex cess o f $50 shall be mad e witho ut ade quate securi ty and no loan shall be made to any member in excess of $200 or 10 per centum of the Federal credit union's paid-in and unimpaired capital Assignment or. y . and surplus, whichever is greater. For the purposes of this sub- division en- dorsement as security. securt division an assignment of shares or the endorsement of a note shall be deemed security. Meetings, etc. Loans. Approval. Applications for. Maximum. Supervisory commit- tee. Duties prescribed. Quarterly examina- tions and annu al audits. Suspending officers, etc. Special calls to con- sider violations, etc. 73d C ONGRESS. SESS. II. CH. 750. JUNE 26, 1934 . of the corporation and may be compensated for their services to such extent as the bylaws may provide. The offices of clerk and treasurer may be held by the same person. The duties of the officers shall be as determined by the bylaws, except that the treasurer shall be the general manager of the corporation. Before the treasurer shall enter upon his duties he shall give bond with good and sufficient surety, in an amount and character to be determined from time to time by the board of directors, conditioned upon the faithful performance of his trust. DIRECTORS CRE DIT COMMIITEE SUPERVIS ORY COMM ITTEE (e) The supervisory committee shall make, at least quarterly, an examination of the affairs of the Federal credit union, including an audit of its books ; shall make an annual audit and a report to be submitted at the annual meeting of the c orporation ; a nd, by a unanimous vote, may suspend any officer of the corporation, or any member of the credit committee or of the board of directors until the next members' meeting, which said meeting, however, shall be held within seven days of said suspension and at which meeting said suspension shall be acted upon by the members ; and, by a majority vote, may call a special meeting of the shareholders to consider any violation of this Act, the charter, or of the bylaws, or any practice of the corporation deemed by the committee to be unsafe or unauthorized. The said committee shall fill vacancies in its own