2016 US Code
Title 12 - Banks and Banking
Chapter 14 - Federal Credit Unions
Subchapter III - Central Liquidity Facility
Sec. 1795d - Capital stock
12 U.S.C. § 1795d (2016) |
§1795d. Capital stock |
(a) Opening of books; minimum subscription
As soon as practicable, the Board shall open books for subscriptions to the capital stock of the Facility. The minimum subscription shall be $50. (b) RequirementsThe capital stock of the Facility— (1) shall be divided into shares having a par value of $50 each; (2) shall be paid for with cash or with securities of the United States or any Agency thereof in accordance with requirements the Board may impose; (3) shall share in dividend distributions at rates determined by the Board. However, rates on the required capital stock shall be without preference; and (4) shall not be transferred or hypothecated except as provided for herein. When circumstances require that all or a portion of a member's stock be redeemed by the Facility, the Board shall pay an amount equal to what the member originally paid for the stock less any amount owed by the member to the Facility. (d) Use of subscription amountAt least one-half of the payment for the subscription amount required for membership under section 1795c of this title shall be transferred to the Facility. The remainder may be held by the member on call of the Board and shall be invested in assets designated by the Board. (e) Restriction on advances to credit unionsA credit union or credit union group that becomes a member of the Facility later than six months after the date the Board opens books for capital stock subscriptions, may not borrow or receive advances from the Facility without approval by the Board for a period of six months after becoming a member. |
(June 26, 1934, ch. 750, title III, formerly subch. III, §305, as added and amended Pub. L. 95–630, title V, §502(b), title XVIII, §1802, Nov. 10, 1978, 92 Stat. 3681, 3721; Pub. L. 96–221, title III, §309(a)(2), (4), (b)(1), Mar. 31, 1980, 94 Stat. 148, 149.) |
CODIFICATION
Section 309(b)(1) of Pub. L. 96–221 redesignated subch. III as title III of act June 26, 1934, ch. 750, cited as a credit to this section. AMENDMENTS1980—Subsec. (a). Pub. L. 96–221, §309(a)(4), substituted "Board" for "Administrator", such change having been previously made by Pub. L. 95–630. Subsec. (b). Pub. L. 96–221, §309(a)(2), (4), substituted "Board" for "Administrator" wherever appearing, such change having been previously made by Pub. L. 95–630, and in par. (3) inserted specific requirement that rates on required capital stock be without preference. Subsecs. (c) to (e). Pub. L. 96–221, §309(a)(4), substituted "Board" for "Administrator" wherever appearing, such change having been previously made by Pub. L. 95–630. 1978—Pub. L. 95–630, §502(b), substituted "Board" for "Administrator" wherever appearing. EFFECTIVE DATE OF 1978 AMENDMENTAmendment effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 of Pub. L. 95–630, set out as a note under section 1752 of this title. EFFECTIVE DATESection effective Oct. 1, 1979, see section 1806 of Pub. L. 95–630, set out as a note under section 1795 of this title. |
United States Code, 2012 Edition, Supplement 4, Title 12 - BANKS AND BANKING |
Bills and Statutes |
United States Code |
Y 1.2/5: |
Title 12 - BANKS AND BANKING CHAPTER 14 - FEDERAL CREDIT UNIONS SUBCHAPTER III - CENTRAL LIQUIDITY FACILITY Sec. 1795d - Capital stock |
section 1795d |
2016 |
January 6, 2017 |
No |
standard |
92 Stat. 3681 94 Stat. 148 |
Public Law 95-630, Public Law 96-221 |