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12 U.S.C. § 1754 — Approval of organization certificate

submitted 92 years ago by ch. 750 to r/title-12-BANKS-AND-BANKING · 145 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section concerns approval of organization certificate. It sets out the rules in the supplied section.

The organization certificate must be presented to the Board for approval. Before any organization certificate is approved, an appropriate investigation must 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 to it; and

(3) the economic advisability of establishing the proposed Federal credit union. Upon approval of such organization certificate by the Board it must be the charter of the corporation, and one of the originals of it must be delivered to the corporation after the payment of the fee required therefor. Upon such approval the Federal credit union must be a body corporate and as such, subject to the limitations herein contained, must be vested with all of the powers and charged with all of the liabilities conferred and imposed by this chapter upon corporations organized under this section.

the actual law source: uscode.house.gov ↗public domain

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.

Source credit: (June 26, 1934, ch. 750, title I, § 104, formerly § 4, 48 Stat. 1217; 1947 Reorg. Plan No. 1, § 401, eff. July 1, 1947, 12 F.R. 4534, 61 Stat. 952; June 29, 1948, ch. 711, §§ 1, 2, 62 Stat. 1091; renumbered § 5 and amended Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 629; Pub. L. 91–206, § 2(1), Mar. 10, 1970, 84 Stat. 49; renumbered title I, § 104, Pub. L. 91–468, § 1(2), Oct. 19, 1970, 84 Stat. 994; amended Pub. L. 95–630, title V, § 502(b), Nov. 10, 1978, 92 Stat. 3681.)

history & why it existsrecord from the source credit
  • 1934Enacted · Act of June 26, 1934, ch. 750 · 48 Stat. 1217
  • 1948Amended · Act of June 29, 1948, ch. 711 · 62 Stat. 1091
  • 1959Amended · Pub. L. 86-354 · 73 Stat. 629
  • 1970Amended · Pub. L. 91-206 · 84 Stat. 49
  • 1970Amended · Pub. L. 91-468 · 84 Stat. 994
  • 1978Amended · Pub. L. 95-630 · 92 Stat. 3681

A history note hasn’t been published yet. The record shows enactment by ch. 750 on 1934-06-26.

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