Title 12 — Banks and BankingRelease 119-73
§1774 Approval of certificate; assets and obligations of applicant credit union
Title 12 › Chapter CHAPTER 14— - FEDERAL CREDIT UNIONS › Subchapter SUBCHAPTER I— - GENERAL PROVISIONS › § 1774
Summary
The Board must approve organizing certificates that meet the requirements. After approval, the applicant becomes a federal credit union and keeps all its assets and obligations.
Full Legal Text
Title 12, §1774
Banks and Banking — Source: USLM XML via OLRC
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.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Codification Section was not enacted as part of the Federal Credit Union Act which comprises this chapter.
Statutory Notes and Related Subsidiaries
Transfer of Functions
“Board”, meaning the National Credit Union Administration Board, substituted in text for “Director”, 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.
Reference
Citations & Metadata
Citation
12 U.S.C. § 1774
Title 12 — Banks and Banking
Last Updated
Apr 6, 2026
Release point: 119-73