§ 1754. — Approval of organization certificate.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1754]
TITLE 12--BANKS AND BANKING
CHAPTER 14--FEDERAL CREDIT UNIONS
SUBCHAPTER I--GENERAL PROVISIONS
Sec. 1754. Approval of organization certificate
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.
(June 26, 1934, ch. 750, title I, Sec. 104, formerly Sec. 4, 48 Stat.
1217; 1947 Reorg. Plan No. 1, Sec. 401, eff. July 1, 1947, 12 F.R. 4534,
61 Stat. 952; June 29, 1948, ch. 711, Secs. 1, 2, 62 Stat. 1091;
renumbered Sec. 5 and amended Pub. L. 86-354, Sec. 1, Sept. 22, 1959, 73
Stat. 629; Pub. L. 91-206, Sec. 2(1), Mar. 10, 1970, 84 Stat. 49;
renumbered title I, Sec. 104, Pub. L. 91-468, Sec. 1(2), Oct. 19, 1970,
84 Stat. 994; amended Pub. L. 95-630, title V, Sec. 502(b), Nov. 10,
1978, 92 Stat. 3681.)
Amendments
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.
Effective Date of 1978 Amendment
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.
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.
