12 U.S.C. § 1753

Federal credit union organization

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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, title I, § 103, formerly § 3, 48 Stat. 1217; 1947 Reorg. Plan No. 1, § 401, eff. July 1, 1947, 12 F.R. 4534, 61 Stat. 952; June 29, 1948, ch. 711, §§ 1, 2, 62 Stat. 1091; renumbered § 4 and amended Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 628; Pub. L. 91–206, § 2(1), Mar. 10, 1970, 84 Stat. 49; renumbered title I, § 103, Pub. L. 91–468, § 1(2), Oct. 19, 1970, 84 Stat. 994; amended Pub. L. 95–630, title V, § 502(b), Nov. 10, 1978, 92 Stat. 3681; Pub. L. 97–320, title V, §§ 503, 504, Oct. 15, 1982, 96 Stat. 1528.)Editorial NotesAmendments

1982—Pub. L. 97–320, § 503, substituted “each subscribe either individually or collectively” for “subscribe”.

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

1978—Pub. L. 95–630 substituted “Board” for “Administrator”.

1970—Pub. L. 91–206 substituted “Administrator” for “Director”.

1959—Pub. L. 86–354 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 SubsidiariesEffective 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 DocumentsTransfer of Functions

Transfer 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.

Notes of Decisions

Cited in 6 cases, 1980–2019 · leading case: Am. Bankers Ass'n v. Nat'l Credit Union Admin., 934 F.3d 649 (D.C. Cir. 2019).

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Am. Bankers Ass'n v. Nat'l Credit Union Admin., 934 F.3d 649 (D.C. Cir. 2019). “12 U.S.C. § 1753 (3), (5). The NCUA must approve the charter before the institution may start.”

Dickran Keosaian v. Nat'l Labor Relations Bd., Jewel Companies, Inc., Star Mkt. Co. Div., Intervenor, 630 F.2d 36 (1st Cir. 1980). “, a federal credit union may be organized only by natural persons, not corporations, 12 U.S.C. § 1753 ; and it must be managed by a Board of Directors elected by its members, 12 U.”

Hudson Valley Fed. Credit Union v. New York State Dep't of Taxation & Fin., 980 N.E.2d 473 (NY 2012). “Although they are regulated by the National Credit Union Administration—a federal agency—they are wholly owned, funded and managed by their members (see 12 USC §§ 1753 , 1759, 1761, 1761b). Members elect credit union boards of directors (see 12 USC § 1761 ).”

Herbert v. Nat'l Credit Union Admin. Bd., 663 F. Supp. 833 (E.D. Mo. 1987). · cites it 3× “12 U.S.C. §§ 1753 & 1754. The NCUAB is charged with the responsibility for chartering Federal credit unions.”

Cmty. First Bank v. Nat'l Credit Union Admin., 832 F. Supp. 1118 (W.D. Mich. 1993). “12 U.S.C. §§ 1753 , 1754. The plaintiffs in this action are four banks.”

Am. Bankers Ass'n v. Nat'l Credit Union Admin. (D.C. Cir. 2019). “12 U.S.C. § 1753 (3), (5). The NCUA must approve the charter before the institution may start.”

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