Source: https://www.law.cornell.edu/uscode/text/12/1795d?quicktabs_8=1
Timestamp: 2015-03-27 21:39:48
Document Index: 315409661

Matched Legal Cases: ['§ 1795', '§ 1795', '§ 1795', '§ 305', '§ 502', '§ 1802', '§ 309', '§ 309', '§ 309', '§ 309', '§ 502', 'art 725']

12 U.S. Code § 1795d - Capital stock | LII / Legal Information Institute
U.S. Code › Title 12 › Chapter 14 › Subchapter III › § 1795d 12 U.S. Code § 1795d - Capital stock
Opening of books; minimum subscription As soon as practicable, the Board shall open books for subscriptions to the capital stock of the Facility. The minimum subscription shall be $50.
Requirements The capital stock of the Facility—
shall be divided into shares having a par value of $50 each;
shall be paid for with cash or with securities of the United States or any Agency thereof in accordance with requirements the Board may impose;
shall share in dividend distributions at rates determined by the Board. However, rates on the required capital stock shall be without preference; and
shall not be transferred or hypothecated except as provided for herein.
Redemption of stock When circumstances require that all or a portion of a member’s stock be redeemed by the Facility, the Board shall pay an amount equal to what the member originally paid for the stock less any amount owed by the member to the Facility.
Use of subscription amount At least one-half of the payment for the subscription amount required for membership under section 1795c of this title shall be transferred to the Facility. The remainder may be held by the member on call of the Board and shall be invested in assets designated by the Board.
Restriction on advances to credit unions A credit union or credit union group that becomes a member of the Facility later than six months after the date the Board opens books for capital stock subscriptions, may not borrow or receive advances from the Facility without approval by the Board for a period of six months after becoming a member.
(June 26, 1934, ch. 750, title III, formerly subch. III, § 305, as added and amended Pub. L. 95–630, title V, § 502(b), title XVIII, § 1802,Nov. 10, 1978, 92 Stat. 3681, 3721; Pub. L. 96–221, title III, § 309(a)(2), (4), (b)(1),Mar. 31, 1980, 94 Stat. 148, 149.)
Section 309(b)(1) ofPub. L. 96–221redesignated subch. III as title III of act June 26, 1934, ch. 750, cited as a credit to this section.
1980—Subsec. (a). Pub. L. 96–221, § 309(a)(4), substituted “Board” for “Administrator”, such change having been previously made by Pub. L. 95–630.
Subsec. (b). Pub. L. 96–221, § 309(a)(2), (4), substituted “Board” for “Administrator” wherever appearing, such change having been previously made by Pub. L. 95–630, and in par. (3) inserted specific requirement that rates on required capital stock be without preference.
Subsecs. (c) to (e). Pub. L. 96–221, § 309(a)(4), substituted “Board” for “Administrator” wherever appearing, such change having been previously made by Pub. L. 95–630.
1978—Pub. L. 95–630, § 502(b), substituted “Board” for “Administrator” wherever appearing.
Amendment effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 ofPub. L. 95–630, set out as a note under section 1752 of this title.
This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.12 CFR - Banks and Banking12 CFR Part 725 - NATIONAL CREDIT UNION ADMINISTRATION CENTRAL LIQUIDITY FACILITY