Page:United States Statutes at Large Volume 48 Part 1.djvu/1247

 73d CONGRESS. SESS. II. CH. 750. JUNE 26, 1934 . 1221 membership until successors to be elected at the next annual meeting have qualified. The supervisory committee shall cause the pass- Verifying passbooks. books and accounts of the members to be verified with the records of the treasurer from time to time and not less frequently than once every two years. RESERVES Reserves. SEC. 12 . All entrance fees and fines provided by the bylaws and fin nt ran ne fee s ne 20 per centum of th e net earnin gs of each ye ar, be fore t he dec lara- earnings to be set aside tion of any dividends, shall be set aside, subject to terms and con- against losses. ditions speci fied i n the bylaws, as a reserv e fund again st pos sible bad loans. DIVIDENDS MINORS SEC. 15. Shares may be issued in the name of a minor or in trust, subject to su ch con dition s as m ay be prescri bed by the b ylaws. The name of the beneficiary shall be disclosed to the Federal credit union. CE RTA IN POWERS OF GOVERNOR Dividends. SEC. 13 . At the annual meeting g a dividend may be declared from Declaration of, on paid-up shares. the remaining net earnings on recommendation of the board of directors, which dividend shall be paid on all paid-up shares out- standing at the end of the preceding fiscal year. Shares which Proportional on become fully paid up during such year shall be entitled to a pro- year . pa id du ring portional part of said dividend calculated from the 1st day of the month following such payment in full. Expulsion and with. EXPULSION AND WITHDRAWAL drawal. SEC. 14 . A member may be expelled by a two-thirds vote of the seriie Prov d. isions pre- members of a Federal credit union present at a special meeting called for the purpose, but only after an opportunity has been given him t o be h ea rd. Withdrawal or expulsion of a member shall not operate to relieve him from liability to the Federal credit union. The amount to be paid a withdrawing or expelled member by a Federal credit union shall be determined and paid in the manner specified in the bylaws. Mi nors. Issue of shares to. Powers of Governor. SEC. 16 . (a) The Governor may prescribe rules and regulations administr To pstr ati tion rules of. for the administration of this Act (including, but not by way of limitation, the merger, consolidation, and/or dissolution of corpor- ations organized under this Act). (b) The Governor may suspend or revoke the charter of any credit unionen d chart, ., Federal credit union upon his finding that the organization is bank- etc. rupt or insolvent or has violated any provisions of its charter, its bylaws, or of this Act, or of any regulations issued thereunder. (c) The Governor is hereby authorized and empowered to execute May delegate powers any and all functions and perform any and all duties vested in him to others. hereby, through such persons as he shall designate or employ ; and he may delega te to any pe rson o r pers ons, in cludin g any instit ution operating under the general supervision of the Administration, the performance and discharge of any authority, power, or function vested in him by this Act. (d) All books and records of Federal credit unions shall be kep t for keeping o e ekeoem s ing and reports shall be made in accordance with forms approved by the Governor.