§ 1774. — Approval of certificate; assets and obligations of applicant credit union.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1774]
TITLE 12--BANKS AND BANKING
CHAPTER 14--FEDERAL CREDIT UNIONS
SUBCHAPTER I--GENERAL PROVISIONS
Sec. 1774. Approval of certificate; assets and obligations of
applicant credit union
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.
(Pub. L. 88-395, Sec. 2, Aug. 1, 1964, 78 Stat. 377; Pub. L. 91-206,
Sec. 3, Mar. 10, 1970, 84 Stat. 49; Pub. L. 95-630, title V, Sec. 501,
Nov. 10, 1978, 92 Stat. 3680.)
Codification
Section was not enacted as part of the Federal Credit Union Act
which comprises this chapter.
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.
Section Referred to in Other Sections
This section is referred to in sections 1773, 1775 of this title.
