Provisions similar to those comprising this section were contained in section 11(e) of act June 26, 1934, ch. 750, 48 Stat. 1219 (formerly classified to section 1761(e) of this title), prior to the amendment and renumbering of act June 26, 1934 by Puspan. L. 86–354.

1978—Puspan. L. 95–630 substituted “Board” for “Administrator”.

1974—Puspan. L. 93–383 substituted “an annual” for “a semiannual”.

1970—Puspan. L. 91–206 substituted “Administrator” for “Director” in two places.

1968—Puspan. L. 90–375 substituted provisions which required a semiannual audit for provisions which required a quarterly examination of the affairs of a Federal credit union, including an audit of the books, authorized the making of such supplementary audits as deemed necessary by the supervisory committee or as ordered by the Director, eliminated the requirement of an annual audit, and provided that the suspension of any member of the supervisory committee be pursuant to a majority vote of the board of directors.

Amendment by Puspan. L. 95–630 effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 of Puspan. L. 95–630, set out as a note under section 1752 of this title.