2016 US Code
Title 12 - Banks and Banking
Chapter 14 - Federal Credit Unions
Subchapter I - General Provisions
Sec. 1775 - Conditions upon conversion to Federal status
| 12 U.S.C. § 1775 (2016) |
| §1775. Conditions upon conversion to Federal status |
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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. |
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(Pub. L. 88–395, §3, 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.) |
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REFERENCES IN TEXT
The District of Columbia Credit Unions Act, referred to in text, was repealed by Pub. L. 88–395, §4, Aug. 1, 1964, 78 Stat. 377. CODIFICATIONSection 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. |
| United States Code, 2012 Edition, Supplement 4, Title 12 - BANKS AND BANKING |
| Bills and Statutes |
| United States Code |
| Y 1.2/5: |
| Title 12 - BANKS AND BANKING CHAPTER 14 - FEDERAL CREDIT UNIONS SUBCHAPTER I - GENERAL PROVISIONS Sec. 1775 - Conditions upon conversion to Federal status |
| section 1775 |
| 2016 |
| January 6, 2017 |
| No |
| standard |
| 78 Stat. 377 84 Stat. 49 92 Stat. 3680 |
| Public Law 88-395, Public Law 91-206, Public Law 95-630 |
