FEDERAL · 12 U.S.C. · Chapter 14
Approval of certificate; assets and obligations of applicant credit union
Current through Pub. L. 119-102
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.
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12 U.S.C. § 1774 (Approval of certificate; assets and obligations of applicant credit union) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Source Credit
History
(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.)
Editorial Notes
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.
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.