2020 US Code
Title 12 - Banks and Banking
Chapter 14 - Federal Credit Unions
Subchapter I - General Provisions
Sec. 1754 - Approval of organization certificate
12 U.S.C. § 1754 (2020) |
§1754. Approval of organization certificate |
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. |
(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.) |
EDITORIAL NOTES
AMENDMENTS
1978—Pub. L. 95–630 substituted "Board" for "Administrator" in two places. 1970—Pub. L. 91–206 substituted "Administrator" for "Director" in two places. 1959—Pub. L. 86–354 substituted "The" for "Any such" in first sentence and transferred second sentence to make it last sentence. STATUTORY NOTES AND RELATED SUBSIDIARIES EFFECTIVE DATE OF 1978 AMENDMENT Amendment by Pub. L. 95–630 effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 of Pub. L. 95–630, set out as a note under section 1752 of this title. EXECUTIVE DOCUMENTS TRANSFER OF FUNCTIONS Transfer of functions of Farm Credit Administration and Governor thereof, generally, see notes set out under section 1751 of this title. Functions of Governor of Farm Credit Administration under this section transferred to Federal Deposit Insurance Corporation by Reorg. Plan No. 1 of 1947. |
United States Code, 2018 Edition, Supplement 2, 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. 1754 - Approval of organization certificate |
section 1754 |
2020 |
January 13, 2021 |
No |
standard |
48 Stat. 1217 61 Stat. 952 62 Stat. 1091 73 Stat. 629 84 Stat. 49, 994 92 Stat. 3681 |
Public Law 86-354, Public Law 91-206, Public Law 91-468, Public Law 95-630 |