US Code

Public Law 119-88 (05/04/2026)

12 U.S.C. § 1753

Federal credit union organization

Any seven or more natural persons who desire to form a Federal credit union shall each subscribe either individually or collectively before some officer competent to administer oaths an organization certificate in duplicate which shall specifically state:
(1)
the name of the association;
(2)
the location of the proposed Federal credit union and the territory in which it will operate;
(3)
the names and addresses of the subscribers to the certificate and the number of shares subscribed by each;
(4)
the initial par value of the shares;
(5)
the proposed field of membership, specified in detail;
(6)
the term of the existence of the corporation, which may be perpetual; and
(7)
the fact that the certificate is made to enable such persons to avail themselves of the advantages of this chapter.
Such organization certificate may also contain any provisions approved by the Board for the management of the business of the association and for the conduct of its affairs and relative to the powers of its directors, officers, or stockholders.

June 26, 1934, ch. 750 48 Stat. 1217 61 Stat. 952 June 29, 1948, ch. 711 62 Stat. 1091 Pub. L. 86–354, § 173 Stat. 628 Pub. L. 91–206, § 2(1)84 Stat. 49 Pub. L. 91–468, § 1(2)84 Stat. 994 Pub. L. 95–630, title V, § 502(b)92 Stat. 3681 Pub. L. 97–320, title V96 Stat. 1528 (, title I, § 103, formerly § 3, ; 1947 Reorg. Plan No. 1, § 401, eff. , 12 F.R. 4534, ; , §§ 1, 2, ; renumbered § 4 and amended , , ; , , ; renumbered title I, § 103, , , ; amended , , ; , §§ 503, 504, , .)

Editorial Notes

Amendments

Pub. L. 97–320, § 5031982—, substituted “each subscribe either individually or collectively” for “subscribe”.

Pub. L. 97–320, § 504Par. (4). , substituted “the initial par value of the shares” for “the par value of the shares, which shall be $5 each”.

Pub. L. 95–6301978— substituted “Board” for “Administrator”.

Pub. L. 91–2061970— substituted “Administrator” for “Director”.

Pub. L. 86–3541959— changed “The” to “the” in subsecs. (1) to (7) and the period to a semicolon in subsecs. (1) to (6) and inserted “and” at end of subsec. (6).

Statutory Notes and Related Subsidiaries

Effective Date of 1978 Amendment

Pub. L. 95–630section 509 of Pub. L. 95–630section 1752 of this titleAmendment by effective on expiration of 120 days after , and transitional provisions, see , set out as a note under .

Executive Documents

Transfer of Functions

section 1751 of this titleTransfer of functions of Farm Credit Administration and Governor thereof, generally, see notes set out under .

Functions of Governor of Farm Credit Administration under this section transferred to Federal Deposit Insurance Corporation by Reorg. Plan No. 1 of 1947.