--- kind: "section" citation: "12 U.S.C. § 1795c" title: "12" title_heading: "Banks and Banking" number: "1795c" heading: "Membership" release: "119-102" date: "2026-07-12" url: "https://uscodex.org/usc/12/1795c" units: - "Chapter 14 — Federal Credit Unions" - "Subchapter III — Central Liquidity Facility" --- # §1795c. Membership - (a) **Credit unions serving natural persons—** A [credit](/usc/12/5481.md?p=7) union primarily serving natural [persons](/usc/12/5481.md?p=19) may be a Regular [member](/usc/12/1795a.md?p=4) of the Facility by subscribing to the capital stock of the Facility in an amount not less than one-half of 1 per centum of the [credit](/usc/12/5481.md?p=7) union’s [paid-in and unimpaired capital and surplus](/usc/12/1795a.md?p=3). - (b) **Credit unions serving other credit unions—** A [credit](/usc/12/5481.md?p=7) union or group of [credit](/usc/12/5481.md?p=7) unions, primarily serving other [credit](/usc/12/5481.md?p=7) unions, may be an Agent [member](/usc/12/1795a.md?p=4) of the Facility by— - (1) obtaining the approval of the [Board](/usc/12/1752.md?p=4); - (2) subscribing to the capital stock of the Facility in an amount not less than one-half of 1 per centum of the [paid-in and unimpaired capital and surplus](/usc/12/1795a.md?p=3) of all those [credit](/usc/12/5481.md?p=7) unions which primarily serve natural [persons](/usc/12/5481.md?p=19), which are [members](/usc/12/1795a.md?p=4) of such [credit](/usc/12/5481.md?p=7) union or of any [credit](/usc/12/5481.md?p=7) union comprising such [credit](/usc/12/5481.md?p=7) union group, and which are not regular [members](/usc/12/1795a.md?p=4); - (3) agreeing to comply with rules and regulations the [Board](/usc/12/1752.md?p=4) shall prescribe with respect to, but not limited to, management quality, asset and liability safety and soundness, internal operating and control practices and procedures, and participation of natural [persons](/usc/12/5481.md?p=19) in the affairs of such [credit](/usc/12/5481.md?p=7) union or [credit](/usc/12/5481.md?p=7) union group; and - (4) agreeing to submit to the supervision of the [Board](/usc/12/1752.md?p=4) which shall include, but not be limited to, reporting requirements and periodic unrestricted examinations. - (c) **Stock subscription requirements—** Stock subscriptions provided for in subsections [(a)](#a) and [(b)(2)](#b-2) of this section shall be— - (1) based on an arithmetic average of paid-in capital and surplus over the six months preceding application and membership; and - (2) adjusted at the close of each calendar year in accordance with an arithmetic average of paid-in capital and surplus over a period determined by the [Board](/usc/12/1752.md?p=4). - (d) **Functions of Agent members of Facility—** An Agent [member](/usc/12/1795a.md?p=4) of the Facility shall perform for its [member](/usc/12/1795a.md?p=4) [credit](/usc/12/5481.md?p=7) unions those functions required by the [Board](/usc/12/1752.md?p=4) to carry out this subchapter. - (e) **Withdrawal from or termination of membership—** - (1) A [member](/usc/12/1795a.md?p=4) of the Facility whose capital stock subscription constitutes less than 5 per centum of such stock outstanding, may withdraw from membership in the Facility six months after notifying the [Board](/usc/12/1752.md?p=4) of its intention to do so. - (2) A [member](/usc/12/1795a.md?p=4) of the Facility whose capital stock subscription constitutes 5 per centum or more of such stock outstanding, may withdraw from membership in the Facility twenty-four months after notifying the [Board](/usc/12/1752.md?p=4) of its intention to do so. - (3) The [Board](/usc/12/1752.md?p=4) may terminate membership in the Facility if, after opportunity for a hearing, the [Board](/usc/12/1752.md?p=4) determines a [member](/usc/12/1795a.md?p=4) has failed to comply with any provision of this subchapter or regulation issued pursuant thereto. ## Source credit (June 26, 1934, ch. 750, title III, formerly subch. III, § 304, as added and amended Pub. L. 95–630, title V, § 502(b), title XVIII, § 1802, Nov. 10, 1978, 92 Stat. 3681, 3720; Pub. L. 96–221, title III, § 309(a)(4), (b)(1), (2), Mar. 31, 1980, 94 Stat. 149; Pub. L. 109–351, title VII, § 726(26), Oct. 13, 2006, 120 Stat. 2003; Pub. L. 116–136, div. A, title IV, § 4016(a)(2), (b)(1)(B), Mar. 27, 2020, 134 Stat. 481, 482.) ## Notes ### Editorial Notes ### Codification Section 309(b)(1) of Pub. L. 96–221 redesignated subch. III as title III of act June 26, 1934, ch. 750, cited as a credit to this section. ### Amendments 2020—Subsec. (b)(2). Pub. L. 116–136, § 4016(b)(1)(B), substituted “all those credit unions” for “such credit unions as the Board may in its discretion determine”. Pub. L. 116–136, § 4016(a)(2), substituted “such credit unions as the Board may in its discretion determine” for “all those credit unions”. 2006—Subsec. (b)(3). Pub. L. 109–351 substituted “the affairs of such credit union” for “the affairs or such credit union”. 1980—Subsecs. (b), (c). Pub. L. 96–221, § 309(a)(4), substituted “Board” for “Administrator” wherever appearing, such change having been made previously by Pub. L. 95–630. Subsecs. (d), (e). Pub. L. 96–221, § 309(a)(4), (b)(2), substituted “Board” for “Administrator” wherever appearing, such change having been made previously by Pub. L. 95–630, and “title” for “subchapter” wherever appearing, which for purposes of codification has been editorially translated as “subchapter”, thereby requiring no further change in text. 1978—Pub. L. 95–630, § 502(b), substituted “Board” for “Administrator” wherever appearing. ### Statutory Notes and Related Subsidiaries ### Effective Date of 2020 Amendment Amendment by section 4016(b)(1)(B) of Pub. L. 116–136, effective Dec. 31, 2021, see section 4016(b)(2) of Pub. L. 116–136, set out as a note under section 1795a of this title. ### Effective Date of 1978 Amendment Amendment 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. ### Effective Date Section effective Oct. 1, 1979, see section 1806 of Pub. L. 95–630, set out as a note under section 1795 of this title.