§1759. Membership

Federal credit union membership shall consist of the incorporators and such other persons and incorporated and unincorporated organizations, to the extent permitted by rules and regulations prescribed by the Board, as may be elected to membership and as such shall each, subscribe to at least one share of its stock and pay the initial installment thereon and a uniform entrance fee if required by the board of directors; except that Federal credit union membership shall be limited to groups having a common bond of occupation or association, or to groups within a well-defined neighborhood, community, or rural district. Shares may be issued in joint tenancy with right of survivorship with any persons designated by the credit union member, but no joint tenant shall be permitted to vote, obtain loans, or hold office, unless he is within the field of membership and is a qualified member.

(June 26, 1934, ch. 750, title I, §109, formerly §9, 48 Stat. 1219 ; July 31, 1946, ch. 711, §2, 60 Stat. 744 ; 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 §10 and amended Sept. 22, 1959, Pub. L. 86–354, §1, 73 Stat. 631 ; Mar. 10, 1970, Pub. L. 91–206, §2(1), 84 Stat. 49 ; renumbered title I, §109, Oct. 19, 1970, Pub. L. 91–468, §1(2), 84 Stat. 994 ; amended Aug. 22, 1974, Pub. L. 93–383, title VII, §722, 88 Stat. 719 ; Nov. 10, 1978, Pub. L. 95–630, title V, §502(b), 92 Stat. 3681 .)

Amendments

1978-Pub. L. 95–630 substituted "Board" for "Administrator".

1974-Pub. L. 93–383 substituted "a uniform entrance fee if required by the board of directors" for "the entrance fee".

1970-Pub. L. 91–206 substituted "Administrator" for "Director".

1959-Pub. L. 86–354 substituted "persons" for "person" before "designated".

1946-Act July 31, 1946, inserted sentence at end permitting a Federal credit union to issue shares in joint tenancy with a right of survivorship.

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.

Transfer 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.