directors

directors Sec. 723. (a) The third sentence of section 113 of the Federal Credit Union Act (12 U.S.C. 1761b) is amended by inserting “, except that the board may designate a committee of not less than two to act as an investment committee, such investment committee to have charge of making investments under rules and procedures established by the board of directors” immediately after “have charge of investments other than loans to members”. (b) The fourth sentence of such section is amended by striking out “act for it in the purchase and sale of securities, the borrowing of funds, and making of loans to other credit unions” and inserting in lieu thereof “exercise such authority as may be delegated to it subject to such conditions and limitations as may be prescribed by the board”. (c) The fifth sentence of such section is amended by striking out “a membership officer” and inserting in lieu thereof “one or more membership officers”. (d) Such section is amended by adding at the end thereof the following new sentence: “If a membership application is denied, the reasons therefor shall be furnished in writing to the person whose application is denied, upon written request.”.