Page:United States Statutes at Large Volume 60 Part 1.djvu/772

 60 STAT.] 79TH CONG., 2 D SESS. -CH. 711-JULY 31, 1946 tenant shall be permitted to vote, obtain loans, or hold office, unless he is within the field of membership and is a qualified member." SEC. 3. Subsection (c) of section 11 of such Act is amended by striking out the clause "fix the amount and character of the surety bond required of any officer having custody of funds" and inserting in lieu thereof the following: "require any officer or employee having custody of or handling funds to give bond with good and sufficient surety in an amount and character to be determined, from time to time, by the board and authorize the payment of the premium or premiums therefor from the funds of the Federal credit union". SEC. 4. Subsection (d) of section 11 of such Act is amended by striking out in the first sentence thereof the following: "(by the treasurer)". SEC. 5. The fourth sentence of subsection (d) of section 11 of such Act is amended to read as follows: "No loan shall be made to any member which shall cause such member to become indebted to the Federal credit union in the aggregate, upon loans made to such member, in excess of $200 or 10 per centum of the Federal credit union's paid-in and unimpaired capital and surplus, which- ever is greater, or in excess of $300 unless such excess over $300 is adequately secured." SEC. 6 . Subsection (e) of section 11 of such Act is amended by adding at the end thereof the following: "As used in this subsection the term 'passbook' shall include any book, statement of account, orther record approved by the Governor for use by Federal credit unions." SEC. 7. At the end of such Act a new section is added as follows: "SEC. 22. The provisions of this Act shall be extended to and include the Panama Canal Zone." SEC. 8 . Subsection (b) of section 16 of such Act is amended to read as follows: "(b) (1) The Governor may suspend or revoke the charter of any Federal credit union, or place the same in involuntary liquida- tion and appoint a liquidating agent therefor, upon his finding that the organization is bankrupt or insolvent or has violated any pro- visions of its charter, its bylaws, or of this chapter, or of any regulations issued thereunder. "(2) The Governor, through such persons as he shall designate, may examine any Federal credit union in voluntary liquidation anti upon his finding that such voluntary liquidation is not being conducted in an orderly or efficient manner or in the best interests of its members, may terminate such voluntary liquidation and place such organization in involuntary liquidation and appoint a liquidating agent therefor. "(3) Such liquidating agent shall have power and authority, subject to the control and supervision of the Governor and under such rules and regulations as the Governor may prescribe, (i) to receive and take possession of the books, records, assets, and property of every descrip- tion of the Federal credit union in liquidation, to sell, enforce collection of, and liquidate all such assets and property, to compound all bad or doubtful debts, and to sue in his own name or in the name of the Federal credit union in liquidation, and defend such actions as may be brought against him as liquidating agent or against the Federal cerdit union; (ii) to receive, examine, and pass upon all claims against the Federal credit union in liquidation, including claims of members on shares; (iii) to make distribution and payment to creditors and members as their interests may appear; and (iv) to execute such docu- ments and papers and to do such other acts and things which he may deem necessary or desirable to discharge his duties hereunder. 745 48 Stat. 1220. 12U. S .C. 1761 (c). Furnishing of surety bond. 48 Stat. 1220. 12 U.S. C. 1761 (d). Maximum indebt- edness. 48 Stat. 1220. 12U.S. C.§ 1761(e). "Passbook. " Panama Canal Zone. 48 Stat.1221. 12 U. S .C. 1766(b). Revocation bf char- ter. Involuntary liqui- dation. Authority of liqui- dating agent.

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