12 U.S.C. § 1774 — Approval of certificate; assets and obligations of applicant credit union
submitted 62 years ago by Pub. L. 88-395 to r/title-12-BANKS-AND-BANKING · 59 words · no verdicts yet
The Board must approve an organization certificate that meets the required conditions. After approval, the applicant becomes a Federal credit union and receives the applicant's assets while remaining responsible for its obligations.
The Board* must approve an organization certificate that meets the applicable requirements. Once it approves the certificate, the applicant credit* union becomes a Federal credit union*. It receives all the applicant credit union's assets and remains responsible for all of its obligations to the same extent as if the conversion had not occurred.
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.
Source credit: (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.)
- 1964Enacted · Pub. L. 88-395 · 78 Stat. 377
- 1970Amended · Pub. L. 91-206 · 84 Stat. 49
- 1978Amended · Pub. L. 95-630 · 92 Stat. 3680
A history note hasn’t been published yet. The record shows enactment by Pub. L. 88-395 on 1964-08-01.
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