Page:United States Statutes at Large Volume 73.djvu/667

 73 S T A T. ]

PUBLIC LAW 86-364-SEPT. 22, 1959

629

a APPROVAL OF ORGANIZATION CERTIFICATE

"SEC. 5. The organization certificate shall be presented to the Director for approval. Before any organization certificate is approved, an appropriate investigation shall be made for the purpose of determining (1) whether the organization certificate 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 Director 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. Upon such approval the Federal credit union shall be a body corporate and as such, subject to the limitations herein contained, shall be vested with all of the powers and charged with all of the liabilities conferred and imposed by this Act upon corporations organized hereunder. li

FEES

"SEC. 6. For the purpose of paying the costs incident to the ascertainment 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 Director, which shall not exceed $20 in any case; and on the approval of any organization certificate they shall also pay a fee of $5. Not later than January 31 of each calendar year, each Federal credit union shall pay to the Bureau, for the preceding calendar year, a supervision fee in accordance with a graduated scale prescribed by regulation on the basis of assets as of December 31 of such preceding year, but such fee shall in no event be less than $10 nor more than the applicable amount specified in the following table: " To t a l assets

Maximum fee

$500,000 or less Over $500,000 and not over $1,000,000 Over $1,000,000 and not over $2,000,000 Over $2,000,000 and not over $5,000,000 Over.$5,000,000

30 cents per $1,000. $150, plus 25 cents per excess of $500,000. $275, plus 20 cents per excess of $1,000,000. $475, plus 15 cents per excess of $2,000,000. $925, plus 10 cents per excess of $5,000,000.

$1,000 in $1,000 in $1,000 in $1,000 in

All such fees shall be deposited with the Treasurer of the United States for the account of the Bureau and may be expended by the Director for such administrative, supervisory, and other expenses incurred in carrying out the provisions of this Act as he may determine to be proper, the purpose of such fees being to defray such expenses as far as practicable. No annual supervision fee shall be payable by a Federal credit union with respect to the year in which its charter is issued, or in which final distribution is made in its liquidation or the charter is otherwise canceled. "REPORTS AND

EXAMINATIONS

"SEC. 7. Federal credit unions shall be under the supervision of the Director, and shall make financial reports to him as and when he may require, but at least annually. Each Federal credit union shall be subject to examination by, and for this purpose shall make its books and records accessible to, any person designated by the Director. The Director shall fix a scale of examination fees to be paid by Federal credit unions, giving due consideration to the time and expense incident to such examinations, and to the ability of Federal credit

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