An Act to amend the District of Columbia Credit Unions Act
PL 83-171 (S.873), enacted 07/31/1953

PUBLIC LAW 171-JULY 31, 1953 
[67 S T A T . 
Short title. 
job evaluation and classification; employee relations and services; 
training; committees of expert examiners and boards of civil-service 
examiners; wage administration; and processing, recording, and 
reporting. 
This Act may be cited as the "Departments of Labor and Health, 
Education, and Welfare Appropriation Act, 1954." 
Approved July 31, 1953. 
July 31. 1953 
[S. 873] 
D. 
C. 
C r e d i t 
Unions A:t, amend-
ments. 
47 Stat. 328. 
47 Stat. 329. 
Public Law 171 
CHAPTER 297 
= ' '^ 
AN ACT 
' 
To amend the District of Columbia Credit Unions Act. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress a^sembled^ That (a) paragraph 
5 of section 7 of the District of Columbia Credit Unions Act, as 
amended (26 D. C. Code, sec. 507), is amended by striking out "com-
pany " and inserting in lieu thereof "credit union". 
(b) Paragraph 11 of such section is amended by striking out "pay-
able to" and inserting in lieu thereof "payable by". 
SEC. 2. Section 9 of the District of Columbia Credit Unions Act, as 
amended (26 D. C. Code, sec. 509), is amended to read as follows: 
4 7 Stat. 330. 
"MEMBERSHIP 
"SEC. 9. Credit-union membership shall consist of the incorporators 
and such other persons or organizations as may be elected to member-
ship and subscribe to at least one share, pay the initial installment 
thereon, and the entrance fee, if any; except that credit-union member-
ship shall be limited to groups the members of which are actual 
residents of or do business or are employed within the District of 
Columbia, and either have a common bond of occupation, of associa-
tion, or reside within a well-defined neighborhood or community. 
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." 
SEC. 3. Section 12 of the District of Columbia Credit Unions Act, 
as amended (26 D. C. Code, sec. 512), is amended to read as follows: 
u 
RESERVES 
"SEC. 12. All entrance fees and fines provided by the bylaws and 20 
per centum of the net earnings of each year, before the declaration 
of any dividends, shall be set aside as a reserve fund against bad loans 
or other losses, which fund shall not be distributed except in case of 
liquidation: Provided^ however,. That when the reserve fund thus 
established shall equal 10 per centum of the total amount of members' 
shareholdings, no further transfer of net earnings to such reserve fund 
shall be required except that such amounts not in excess of 20 per 
centum of the net earnings as may be needed to maintain this 10 per 
centum ratio shall be transferred. In addition to such regular reserve, 
special reserves to protect the interests of members shall be established 
when required (a) by regulation, or (b) in any special case, when 
found by the Comptroller of the Currency to be necessary for that 
purpose." 
Approved July 31, 1953.