§ 1775. — Conditions upon conversion to Federal status.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1775]
TITLE 12--BANKS AND BANKING
CHAPTER 14--FEDERAL CREDIT UNIONS
SUBCHAPTER I--GENERAL PROVISIONS
Sec. 1775. Conditions upon conversion to Federal status
Any District of Columbia credit union converting into a Federal
credit union in accordance with sections 1773 to 1775 of this title
shall thereupon be subject to the limitations, vested with the powers,
and charged with the liabilities conferred and imposed by this chapter
upon credit unions organized thereunder, except that--
(1) no fee shall be imposed upon a credit union converting
pursuant to sections 1773 to 1775 of this title as an incident to
its conversion;
(2) any loan or investment made by a credit union converting
pursuant to sections 1773 to 1775 of this title in conformity with
the District of Columbia Credit Unions Act prior to its conversion,
which does not conform to the requirements of this chapter and is
still outstanding at the time of conversion, shall be liquidated at
or before its maturity or, if it has no maturity date, in a prudent
manner and within a reasonable period of time;
(3) a credit union converting pursuant to sections 1773 to 1775
of this title shall submit proposed bylaws to the Board for the
Board's approval after its conversion, but not later than thirty
days following its next annual meeting or six months after August 1,
1964, whichever is later: Provided, That any existing bylaw
inconsistent with any other requirements of this chapter shall be
deemed null and void.
(Pub. L. 88-395, Sec. 3, 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.)
References in Text
The District of Columbia Credit Unions Act, referred to in text, was
repealed by Pub. L. 88-395, Sec. 4, Aug. 1, 1964, 78 Stat. 377.
Codification
Section was not enacted as part of the Federal Credit Union Act
which comprises this chapter.
Transfer of Functions
``Board'' and ``the Board's'', meaning the National Credit Union
Administration Board, substituted in par. (3) for ``Director'' and
``his'', respectively, 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 section 1773 of this title.
