Federal Credit Union Act: Hearing Before the Committee on Banking and Currency, United States Senate, Eighty-sixth Congress, First Session on S. 1786, S. 1985, and H.R. 8305 ... August 21, 1959

Considers (86) S. 107, (86) H.R. 5777, (86) H.R. 6407, (86) H.R. 6927, (86) H.R. 7009, (86) H.R. 7141, (86) H.R. 3674, (86) H.R. 3675, (86) H.R. 5939, (86) H.R. 5958, (86) H.R. 5988, (86) H.R. 6089, (86) H.R. 6122, (86) H.R. 6161, (86) H.R. 6241, (86) H.R. 6755, (86) H.R. 8305, (86) S. 1786, (86) S. 1985.

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Seite 2 - Every credit union is a cooperative institution organized "for the purpose of promoting thrift among its members and creating a source of credit for provident or productive purposes.
Seite 17 - The taking, receiving, reserving, or charging a rate of interest greater than is allowed by the preceding section, when knowingly done, shall be deemed a forfeiture of the entire interest which the note, bill, or other evidence of debt carries with it, or which has been agreed to be paid thereon.
Seite 37 - We have been advised by the Bureau of the Budget that it has no objection to the submission of this report from the standpoint of the administration's program.
Seite 9 - The offices of secretary and treasurer may be held by the same person.
Seite 12 - Said corporation shall nevertheless continue in existence for the purpose of paying, satisfying and discharging any existing debts or obligations, collecting and distributing its assets and doing all other acts required in order to adjust and wind up its business and affairs...
Seite 13 - If any provision of this Act or the application thereof to any person or circumstance is held invalid, the remainder of the Act and the application of such provisions to other persons or circumstances shall not be affected thereby.
Seite 21 - Administrator is authorized to make investigations and to conduct researches and studies of the problems of persons of small means in obtaining credit at reasonable rates of interest, and of the methods and benefits of cooperative saving and lending among such persons. He is further authorized to make reports of such investigations and to publish and disseminate the same.
Seite 12 - From time to time, after full provision has been first made for refunding to the United States any deficiency in redeeming the notes of such association, the Comptroller shall make a ratable dividend of the money so paid over to him by such receiver on all such claims as may have been proved to his satisfaction or adjudicated in a court of competent jurisdiction...
Seite 8 - 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.
Seite 6 - The names and places of residence of the shareholders, and the number of shares held by each of them. Fifth. The fact that the certificate is made to enable such persons to avail themselves of the advantages of this title.

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