Title 12 — Banks and Banking
Chapter 14 — Federal Credit Unions
§ 1754. Approval of organization certificate
Statutory text
The organization certificate shall be presented to the Board for approval. Before any organization certificate is approved, an appropriate investigation shall be made for the purpose of determining (1) whether the organization certificate conforms to the provisions of this chapter; (2) the general character and fitness of the subscribers thereto; and (3) the economic advisability of establishing the proposed Federal credit union. Upon approval of such organization certificate by the Board it shall be the charter of the corporation, and one of the originals thereof shall be delivered to the corporation after the payment of the fee required therefor. Upon such approval the Federal credit union shall be a body corporate and as such, subject to the limitations herein contained, shall be vested with all of the powers and charged with all of the liabilities conferred and imposed by this chapter upon corporations organized hereunder.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Pub. L. 73–750 · 48 Stat. 1216
Enacted · 12 U.S.C. § 1754
June 26, 1934, ch. 750, title I, § 104, formerly § 4, 48 Stat. 1217
Source evidence
Code source credit
June 26, 1934, ch. 750, title I, § 104, formerly § 4, 48 Stat. 1217Pub. L. 86–354 § 1 · 73 Stat. 628
Substituted · 12 U.S.C. § 1754
Pub. L. 86–354 substituted “The” for “Any such” in first sentence and transferred second sentence to make it last sentence
Source evidence
Code amendment note
Pub. L. 86–354 substituted “The” for “Any such” in first sentence and transferred second sentence to make it last sentence.Pub. L. 91–206 § 2(1) · 84 Stat. 49
Substituted · 12 U.S.C. § 1754
Pub. L. 91–206 substituted “Administrator” for “Director” in two places
Source evidence
Code amendment note
Pub. L. 91–206 substituted “Administrator” for “Director” in two places.Enacted provision · exact public law section
Sec. 2. The Federal Credit Union Act is further amended (1) by changing “Director” to read “Administrator” each place it appears therein; (2) by changing “Bureau of Federal Credit Unions” to read “National Credit Union Administration” each place it appears therein; and (3) by changing “Bureau”, each remaining place it appears, to read “Administration”.Financial Institutions Regulatory and Interest Rate Control Act of 1978
Pub. L. 95–630 title V § 502(b) · 92 Stat. 3641
Substituted · 12 U.S.C. § 1754
Pub. L. 95–630 substituted “Board” for “Administrator” in two places
Source evidence
Code amendment note
Pub. L. 95–630 substituted “Board” for “Administrator” in two places.Enacted provision · exact public law section
(b) The Federal Credit Union Act is amended by striking out “Administrator” each place it appears and inserting in lieu thereof “Board”, and by striking out the personal pronouns “he”, “him”, and “his” when referring to the Administrator and inserting in lieu thereof “it”, “them”, and “its” as appropriate wherever such words appear therein.Effective date note
Amendment by Pub. L. 95–630 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.
2 of 4 references resolved to an enrolled provision · 2 partial
Editorial Notes
Amendments1959–1978 · 3 rounds
1978
Pub. L. 95–630 substituted “Board” for “Administrator” in two places.
1970
Pub. L. 91–206 substituted “Administrator” for “Director” in two places.
1959
Pub. L. 86–354 substituted “The” for “Any such” in first sentence and transferred second sentence to make it last sentence.
Statutory Notes and Related Subsidiaries
Effective Date of 1978 Amendment
Amendment by Pub. L. 95–630 effective on expiration of 120 days after , and transitional provisions, see section 509 of Pub. L. 95–630, set out as a note under section 1752 of this title.
Executive Documents
Transfer of Functions
Transfer of functions of Farm Credit Administration and Governor thereof, generally, see notes set out under section 1751 of this title.
Functions of Governor of Farm Credit Administration under this section transferred to Federal Deposit Insurance Corporation by Reorg. Plan No. 1 of 1947.
Credits
1934–1978 · 7 acts
- 1934June 26, 1934, ch. 750, title I, § 104, formerly § 4, 48 Stat. 1217
- 19471947 Reorg. Plan No. 1, § 401, eff. , 12 F.R. 4534, 61 Stat. 952
- 1948June 29, 1948, ch. 711, §§ 1, 2, 62 Stat. 1091
- 1959renumbered § 5 and amended Pub. L. 86–354, § 1, , 73 Stat. 629
- 1970Pub. L. 91–206, § 2(1), , 84 Stat. 49
- 1970renumbered title I, § 104, Pub. L. 91–468, § 1(2), , 84 Stat. 994
- 1978amended Pub. L. 95–630, title V, § 502(b), , 92 Stat. 3681.
Show as published
(June 26, 1934, ch. 750, title I, § 104, formerly § 4, 48 Stat. 1217; 1947 Reorg. Plan No. 1, § 401, eff. , 12 F.R. 4534, 61 Stat. 952; June 29, 1948, ch. 711, §§ 1, 2, 62 Stat. 1091; renumbered § 5 and amended Pub. L. 86–354, § 1, , 73 Stat. 629; Pub. L. 91–206, § 2(1), , 84 Stat. 49; renumbered title I, § 104, Pub. L. 91–468, § 1(2), , 84 Stat. 994; amended Pub. L. 95–630, title V, § 502(b), , 92 Stat. 3681.)