Form 4001 - Federal Credit Union Investigation Report Page 14
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15FORM 4001 INSTRUCTIONS
A. INFORMATION FOR CHARTER AND BYLAWS
The subscriber should select a name for the proposed credit union. It is
the responsibility of the federal credit union organizers to ensure that the
proposed federal credit union name does not constitute an infringement
on the name of any corporation in its trade area. The last three words in
the name must be "Federal Credit Union." Since the name selected
should not duplicate exactly the name of an existing credit union, Item 1
provides space for a second choice.
The territory of operations of a Federal Credit Union is described in the
field of membership, item 4. The principal office of the credit union will
usually be maintained at a location described in the field of membership.
The proposed field of membership should be defined so clearly that it
leaves no room for any doubt as to whom the credit union is to serve or
the area which it is to operate. Corporations and other organizations
referred to in the definition of the field of membership should be
designated by the exact names rather than by some local or popular
contraction of these names. The field of membership for each type of
common bond and samples are discussed in detail in Chapter 2 of the
"Chartering and Field of Membership Manual."
With the guidance of the organizer, the subscribers to the Organization
Certificate decide on the number of directors and credit committee
members. The board and credit committee must be composed of an odd
number of members. The supervisory committee is appointed by the
board of directors.
B. ECONOMIC ADVISABILITY OF ORGANIZING PROPOSED CREDIT
UNION
This section of the report contains information on the required business
plan elements and other information needed to make a decision on the
economic advisability of chartering the proposed credit union.
C. CHARACTER AND FITNESS OF SUBSCRIBERS
The names and addresses of the subscribers should be recorded legibly
and completely in item C. 1. of this report. It is from this information that
the National Credit Union Administration prepares Section 3 of the
NCUA 4001
PAGE 14
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