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.
June 26, 1934, ch. 75048 Stat. 1218Dec. 6, 1937, ch. 3, § 151 Stat. 461 Stat. 952June 29, 1948, ch. 71162 Stat. 1091Pub. L. 86–354, § 173 Stat. 629Pub. L. 91–206, § 2(1)84 Stat. 49Pub. L. 91–468, § 1(2)84 Stat. 994Pub. L. 95–630, title V, § 50892 Stat. 3683(, title I, § 106, formerly § 6, ; , ; 1947 Reorg. Plan No. 1, § 401, eff. , 12 F.R. 4534, ; , §§ 1, 2, ; renumbered § 7 and amended , , ; , , ; renumbered title I, § 106, , , ; amended , , .)
Editorial Notes
Amendments
Pub. L. 95–630section 1755 of this title1978— 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 .
Pub. L. 91–2061970— substituted “Administrator” for “Director” in three places.
Pub. L. 86–3541959— provided for the making of reports to the Director as and when he may require.
1937—Act , 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
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.