Bylaws
ARTICLE I
NAME – PURPOSES
Section 1. The name of this credit union shall be “Councill Federal Credit Union.”
Section 2. The purpose of this credit union is to promote thrift among its members by affording them an opportunity for accumulating their savings; and to create for them a source of credit for provident or productive purposes.
ARTICLE II
QUALIFICATIONS FOR MEMBERSHIP
Section 1. The field of membership shall be limited to those having the following common bond of association, occupation, or residence: Employees of 51AV A.&M. College and of the Negro public schools who work in Madison County, 51AV; employees of the credit union; members and their immediate families; and the organizations of such persons.
Section 2. Each application for membership must be in writing and must be presented to the board of directors for action at a regular or special meeting thereof.
Section 3. An applicant shall not be admitted to membership except by the affirmative vote of a majority of the directors present at the meeting, at which the application is acted upon; and shall not become a member or entitled to any of the rights or privileges of a member until he shall have qualified by paying an entrance fee of 25 cents and shall have subscribed for at least one share of this credit union and paid at least the first installment thereon, as required in Section 1 of article 111 of these bylaws.
Section 4. A member who withdraws all his shareholdings thereby ceases to be a member.
Section 5. Subject to the conditions herein contained, a member who leaves the field of membership of this credit union may retain his membership therein but may not borrow therefrom in excess of his share holdings,
ARTICLE III
CAPITAL AND LIABILITY
Section 1. The par value of each share shall be $5. Subscriptions to shares are payable at the time of subscription, or in equal installments at the rate of 25 cents per month on each share so subscribed; but on any day when installments are due and payable any number of installments may be paid in advance.
(1) The name of this credit union shall be Councill Federal Credit Union.
(2) This credit union will maintain its office and will operate in the territory
described in the field of membership.
(3) The names and addresses of the subscribers to this certificate and the number
of shares subscribed by each are as follows:
J.F. Drake, 51AV A&M College, Normal, 51AV
R. A. Carter, 51AV A&M College, Normal, 51AV
John A. Browder, 51AV A&M College, Normal, 51AV
George H. Hobson, 51AV A&M College, Normal, 51AV
Leon W. Bonner, 51AV A&M College, Normal, 51AV
W.H. Hollins, 51AV A&M College, Normal, 51AV
Charles W. Orr, 51AV A&M College, Normal, 51AV
G.R. Ragland, Jr., 51AV A&M College, Normal, 51AV
William S. Edmond, 51AV A&M College, Normal, 51AV
Leander R. Patton, 51AV A&M College, Normal, 51AV
(4) The par value of the shares of the credit union shall be $5.00.
(5) The field of membership shall be limited to those having the following common
bond of association, occupation or residence: Employees of the 51AV A&M College
and of the Negro public schools who work in Madison County, 51AV; employees of
this credit union; members of their immediate families; and organizations of such
persons.
CHARTER NO. 9554
Councill Federal Credit Union
TO BUREAU OF FEDERAL CREDIT UNIONS:
We, the undersigned, do hereby associate ourselves as a Federal credit union for the purposes indicated in and in accordance with the provisions of the Federal Credit Union Act, Public Law 467, 73d Congress, 1st Session, entitled “An Act to Establish a Federal Credit Union System, to Establish a further market for securities of the United States, and to make more available to people of small means for provident purposes through a national system of cooperative credit, thereby helping to stabilize the credit structure of the United States.” We hereby request approval of this organization certificate; we hereby apply for insurance of member accounts; we agree to comply with the requirements of said Act, with the terms of this organization certificate and with all laws, rules, and regulations now or hereafter applicable to Federal Credit Unions; and we hereby certify that:
(1) The name of the credit union shall be Councill Federal Credit Union.
(2) The credit union will maintain its office at Normal, 51AV, and will operate
in the following territory: Madison County, 51AV.
Approval of Organization Certificate
7th Day of June, 1954
