§ 1774. Approval of certificate; assets and obligations of applicant credit union

Statutory text

The Board shall approve any such organization certificate meeting such requirements. Upon such approval, the applicant credit union shall become a Federal credit union, and shall be vested with all of the assets and shall continue responsible for all of the obligations of such applicant credit union to the same extent as though the conversion had not taken place.

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.

1964
Pub. L. 88–395 § 2 · 78 Stat. 377
Enacted · 12 U.S.C. § 1774
Pub. L. 88–395, § 2, Aug. 1, 1964, 78 Stat. 377
Source evidence
Code source credit
Pub. L. 88–395, § 2, Aug. 1, 1964, 78 Stat. 377
Enacted provision · exact public law section
Sec. 2. The Director shall approve any such organization certificate meeting such requirements. Upon such approval, the applicant credit union shall become a Federal credit union, and shall be vested with all of the assets and shall continue responsible for all of the obligations of such applicant credit union to the same extent as though the conversion had not taken place.

1 of 1 references resolved to an enrolled provision

Editorial Notes

Codification

Section was not enacted as part of the Federal Credit Union Act which comprises this chapter.

Statutory Notes and Related Subsidiaries

Transfer of Functions

“Board”, meaning the National Credit Union Administration Board, substituted in text for “Director”, meaning Director of Bureau of Federal Credit Unions, pursuant to section 3 of Pub. L. 91–206 and section 501 of Pub. L. 95–630 [12 U.S.C. 1752a] which transferred functions of Bureau of Federal Credit Unions, and Director thereof, to National Credit Union Administration and vested authority for management of Administration in National Credit Union Administration Board.

Credits

1964–1978 · 3 acts

1964Pub. L. 88–395, § 2, Aug. 1, 1964, 78 Stat. 377
1970Pub. L. 91–206, § 3, Mar. 10, 1970, 84 Stat. 49
1978Pub. L. 95–630, title V, § 501, Nov. 10, 1978, 92 Stat. 3680.

Show as published

(Pub. L. 88–395, § 2, Aug. 1, 1964, 78 Stat. 377; Pub. L. 91–206, § 3, Mar. 10, 1970, 84 Stat. 49; Pub. L. 95–630, title V, § 501, Nov. 10, 1978, 92 Stat. 3680.)