2020 US Code
Title 12 - Banks and Banking
Chapter 14 - Federal Credit Unions
Subchapter III - Central Liquidity Facility
Sec. 1795c - Membership
| 12 U.S.C. § 1795c (2020) |
| §1795c. Membership |
|
(a) Credit unions serving natural persons
A credit union primarily serving natural persons may be a Regular member of the Facility by subscribing to the capital stock of the Facility in an amount not less than one-half of 1 per centum of the credit union's paid-in and unimpaired capital and surplus. (b) Credit unions serving other credit unionsA credit union or group of credit unions, primarily serving other credit unions, may be an Agent member of the Facility by— (1) obtaining the approval of the Board; (2) subscribing to the capital stock of the Facility in an amount not less than one-half of 1 per centum of the paid-in and unimpaired capital and surplus of such credit unions as the Board may in its discretion determine which primarily serve natural persons, which are members of such credit union or of any credit union comprising such credit union group, and which are not regular members; (3) agreeing to comply with rules and regulations the Board shall prescribe with respect to, but not limited to, management quality, asset and liability safety and soundness, internal operating and control practices and procedures, and participation of natural persons in the affairs of such credit union or credit union group; and (4) agreeing to submit to the supervision of the Board which shall include, but not be limited to, reporting requirements and periodic unrestricted examinations. Stock subscriptions provided for in subsections (a) and (b)(2) of this section shall be— (1) based on an arithmetic average of paid-in capital and surplus over the six months preceding application and membership; and (2) adjusted at the close of each calendar year in accordance with an arithmetic average of paid-in capital and surplus over a period determined by the Board. An Agent member of the Facility shall perform for its member credit unions those functions required by the Board to carry out this subchapter. (e) Withdrawal from or termination of membership(1) A member of the Facility whose capital stock subscription constitutes less than 5 per centum of such stock outstanding, may withdraw from membership in the Facility six months after notifying the Board of its intention to do so. (2) A member of the Facility whose capital stock subscription constitutes 5 per centum or more of such stock outstanding, may withdraw from membership in the Facility twenty-four months after notifying the Board of its intention to do so. (3) The Board may terminate membership in the Facility if, after opportunity for a hearing, the Board determines a member has failed to comply with any provision of this subchapter or regulation issued pursuant thereto. |
|
(June 26, 1934, ch. 750, title III, formerly subch. III, §304, as added and amended Pub. L. 95–630, title V, §502(b), title XVIII, §1802, Nov. 10, 1978, 92 Stat. 3681, 3720; Pub. L. 96–221, title III, §309(a)(4), (b)(1), (2), Mar. 31, 1980, 94 Stat. 149; Pub. L. 109–351, title VII, §726(26), Oct. 13, 2006, 120 Stat. 2003; Pub. L. 116–136, div. A, title IV, §4016(a)(2), (b)(1)(B), Mar. 27, 2020, 134 Stat. 481, 482.) |
|
Amendment of Subsection (b)(2)
Pub. L. 116–136, div. A, title IV, §4016(b)(1)(B), (2), Mar. 27, 2020, 134 Stat. 482, as amended by Pub. L. 116–260, div. N, title V, §540(a)(2), Dec. 27, 2020, 134 Stat. 2090, provided that, effective Dec. 31, 2021, subsection (b)(2) of this section is amended by striking "such credit unions as the Board may in its discretion determine" and inserting "all those credit unions". See 2020 Amendment note below. EDITORIAL NOTES 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. AMENDMENTS2020—Subsec. (b)(2). Pub. L. 116–136, §4016(b)(1)(B), substituted "all those credit unions" for "such credit unions as the Board may in its discretion determine". Pub. L. 116–136, §4016(a)(2), substituted "such credit unions as the Board may in its discretion determine" for "all those credit unions". 2006—Subsec. (b)(3). Pub. L. 109–351 substituted "the affairs of such credit union" for "the affairs or such credit union". 1980—Subsecs. (b), (c). Pub. L. 96–221, §309(a)(4), substituted "Board" for "Administrator" wherever appearing, such change having been made previously by Pub. L. 95–630. Subsecs. (d), (e). Pub. L. 96–221, §309(a)(4), (b)(2), substituted "Board" for "Administrator" wherever appearing, such change having been made previously by Pub. L. 95–630, and "title" for "subchapter" wherever appearing, which for purposes of codification has been editorially translated as "subchapter", thereby requiring no further change in text. 1978—Pub. L. 95–630, §502(b), substituted "Board" for "Administrator" wherever appearing. STATUTORY NOTES AND RELATED SUBSIDIARIES EFFECTIVE DATE OF 2020 AMENDMENT Amendment by section 4016(b)(1)(B) of Pub. L. 116–136, effective Dec. 31, 2021, see section 4016(b)(2) of Pub. L. 116–136, set out as a note under section 1795a of this title. 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, 2018 Edition, Supplement 2, 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. 1795c - Membership |
| section 1795c |
| 2020 |
| January 13, 2021 |
| No |
| standard |
| 92 Stat. 3681 94 Stat. 149 120 Stat. 2003 134 Stat. 481, 482, 2090 |
| Public Law 95-630, Public Law 96-221, Public Law 109-351, Public Law 116-136, Public Law 116-260 |
