12 U.S.C. § 1756
Federal credit unions shall be under the supervision of the Board, and shall make financial reports to it as and when it 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 Board.
12 U.S.C. § 1756
EDITORIAL NOTES
AMENDMENTS1978- Pub. L. 95-630 substituted "Board" for "Administrator" in two places and "reports to it as and when it" for "reports to him as and when he" and struck out provisions relating to the payment of an examination fee by Federal credit unions and the deposit of such fee to the credit of the special fund created by section 1755 of this title.1970- Pub. L. 91-206 substituted "Administrator" for "Director" in three places. 1959- Pub. L. 86-354 provided for the making of reports to the Director as and when he may require. 1937-Act Dec. 6, 1937, inserted "giving due consideration to the time and expense incident to such examinations, and to the ability of Federal credit unions to pay such fees" and struck out proviso relating to conditions relieving certain unions from payment of examination fee.
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATE OF 1978 AMENDMENT Amendment by Pub. L. 95-630 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.
EXECUTIVE DOCUMENTS
TRANSFER OF FUNCTIONSTransfer of functions of Farm Credit Administration and Governor thereof, generally, see notes set out under section 1751 of this title.Functions of Governor of Farm Credit Administration under this section transferred to Federal Deposit Insurance Corporation by Reorg. Plan No. 1 of 1947.
- Director
- The term "Director" means the Director of the Bureau.
- Fund
- The term "Fund" means the National Credit Union Share Insurance Fund; and
- credit
- The term "credit" means the right granted by a person to a consumer to defer payment of a debt, incur debt and defer its payment, or purchase property or services and defer payment for such purchase.
- person
- The term "person" means an individual, partnership, company, corporation, association (incorporated or unincorporated), trust, estate, cooperative organization, or other entity.
- Administration
- the term "Administration" means the National Credit Union Administration;
- Board
- the term "Board" means the National Credit Union Administration Board;
- Federal credit union
- the term "Federal credit union" means a cooperative association organized in accordance with the provisions of this chapter for the purpose of promoting thrift among its members and creating a source of credit for provident or productive purposes;