In order to simplify the organization of Federal credit unions the Board shall from time to time cause to be prepared a form of organization certificate and a form of bylaws, consistent with this chapter, which shall be used by Federal credit union incorporators, and shall be supplied to them on request. At the time of presenting the organization certificate the incorporators shall also submit proposed bylaws to the Board for its approval.
Amendments
1978—Pub. L. 95–630 substituted "Board" for "Administrator" in two places, and "its approval" for "his approval".
1970—Pub. L. 91–206 substituted "Administrator" for "Director" in two places.
1959—Pub. L. 86–354 substituted "from time to time" for ", upon the passage of this Act,".
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.
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