§ 1788. Special assistance to avoid liquidation

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.

1. 1934

   Pub. L. 91–468 § 1(3) · 84 Stat. 994

   Enacted · 12 U.S.C. § 1788

   June 26, 1934, ch. 750, title II, § 208, as added Pub. L. 91–468, § 1(3), Oct. 19, 1970, 84 Stat. 1013

   Source evidence

   Code source credit
   June 26, 1934, ch. 750, title II, § 208, as added Pub. L. 91–468, § 1(3), Oct. 19, 1970, 84 Stat. 1013

   Enacted provision · exact public law section
   (1) by inserting immediately above the heading of section 2 the following: “TITLE I— FEDERAL CREDIT UNIONS”;

2. 1971

   Pub. L. 92–221 § 3 · 85 Stat. 796

   1. Substituted · 12 U.S.C. § 1788(a)(2)

      Pub. L. 92–221 substituted “assumption of its liability by another person” for “assumption of its liability by another insured credit union”

   2. Substituted · 12 U.S.C. § 1788(a)(2)

      Pub. L. 92–221 substituted “may guarantee any person against loss by reason of his” for “may guarantee any other insured credit union against loss by reason of its”

   3. Inserted · 12 U.S.C. § 1788(a)(2)

      Pub. L. 92–221 inserted definition of “person” as that term is used in par. (2)

   Source evidence

   Code amendment note
   Subsec. (a)(2). Pub. L. 92–221 substituted “assumption of its liability by another person” for “assumption of its liability by another insured credit union” and “may guarantee any person against loss by reason of his” for “may guarantee any other insured credit union against loss by reason of its” and inserted definition of “person” as that term is used in par. (2).

   Enacted provision · exact public law section
   Sec. 3. Section 208(a)(2) of the Federal Credit Union Act (12 Loans. U.S.C. 1788(a) (2)) is amended by— (1) striking out “assumption of its liability by another insured credit union” and inserting in lieu thereof “assumption of its liability by another person”; (2) striking out “may guarantee any other insured credit union against loss by reason of its” and inserting in lieu thereof “may guarantee any person against loss by reason of his”; and (3) adding at the end thereof the following new sentence: “For “Person.” purposes of this paragraph, the term ‘person’ means any credit union, individual, partnership, corporation, trust, estate, cooperative, association, government or governmental subdivision or agency, or other entity.”

3. 1974

   Housing and Community Development Act of 1974

   Pub. L. 93–383 title VII § 729 · 88 Stat. 634

   1. Inserted · 12 U.S.C. § 1788(a)(1)

      Pub. L. 93–383 inserted provisions relating to the voluntary liquidation of a solvent credit union

   2. Struck · 12 U.S.C. § 1788(a)(1)

      Pub. L. 93–383 struck out provisions subordinating loans and accounts to the rights of members and creditors of the credit union

   Source evidence

   Code amendment note
   Subsec. (a)(1). Pub. L. 93–383 inserted provisions relating to the voluntary liquidation of a solvent credit union and struck out provisions subordinating loans and accounts to the rights of members and creditors of the credit union.

   Enacted provision · exact public law section
   Sec. 729. liquidation Section 208(a)(1) of the Federal Credit Union Act (12 U.S.C. 1788(a)(1)) is amended to read as follows: “(1) In order to reopen a closed insured credit union or in order to prevent the closing of an insured credit union which the Administrator has determined is in danger of closing or in order to assist in the voluntary liquidation of a solvent credit union, the Administrator, in his discretion, is authorized to make loans to, or purchase the assets of, or establish accounts in such insured credit union upon such terms and conditions as he may prescribe. Except with respect to the voluntary liquidation of a solvent credit union, such loans shall be made and such accounts shall be established only when, in the opinion of the Administrator, such action is necessary to protect the fund or the interests of the members of the credit union.”

4. 1978

   Financial Institutions Regulatory and Interest Rate Control Act of 1978

   Pub. L. 95–630 title V § 502(b) · 92 Stat. 3641

   1. Substituted · 12 U.S.C. § 1788

      Pub. L. 95–630 substituted “Board” for “Administrator” where appropriate

   2. Substituted · 12 U.S.C. § 1788

      Pub. L. 95–630 substituted “it” for “he” where appropriate

   3. Substituted · 12 U.S.C. § 1788

      Pub. L. 95–630 substituted “its” for “him” where appropriate

   4. Substituted · 12 U.S.C. § 1788

      Pub. L. 95–630 substituted “its” for “his” where appropriate

   Source evidence

   Code amendment note
   Pub. L. 95–630 substituted “Board” for “Administrator” wherever appearing, “it” for “he” and “its” for “him”, and “its” for “his”, where appropriate.

   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.

5. 1987

   Credit Union Amendments of 1987

   Pub. L. 100–86 title VII § 714(b) · 101 Stat. 552

   Redesignated · 12 U.S.C. § 1788(c); 12 U.S.C. § 1788(d)

   Pub. L. 100–86 redesignated subsec. (c) as section 1787(j) of this title and subsec. (d) as (c)

   Source evidence

   Code amendment note
   Subsecs. (c), (d). Pub. L. 100–86 redesignated subsec. (c) as section 1787(j) of this title and subsec. (d) as (c).

   Enacted provision · exact public law section
   (b) Liquidations Subject to Regulation of the Board.— Section 208(c) of the Federal Credit Union Act (12 U.S.C. 1788(c)) is redesignated as subsection (j) of section 207 (12 U.S.C. 1787) and is amended by striking out “subject to the regulation of the court or other public body having jurisdiction over the matter” and inserting in lieu thereof “subject only to the regulation of the Board, or, in cases where the Board has been appointed liquidating agent solely by a public authority having jurisdiction over the matter other than said Board, subject only to the regulation of such public authority”.

11 of 11 references resolved to an enrolled provision