
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 12USC1774]

 
                       TITLE 12--BANKS AND BANKING
 
                    CHAPTER 14--FEDERAL CREDIT UNIONS
 
                    SUBCHAPTER I--GENERAL PROVISIONS
 
Sec. 1774. Approval of certificate; assets and obligations of 
        applicant credit union
        
    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.

(Pub. L. 88-395, Sec. 2, Aug. 1, 1964, 78 Stat. 377; Pub. L. 91-206, 
Sec. 3, Mar. 10, 1970, 84 Stat. 49; Pub. L. 95-630, title V, Sec. 501, 
Nov. 10, 1978, 92 Stat. 3680.)

                          Codification

    Section was not enacted as part of the Federal Credit Union Act 
which comprises this chapter.

                          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.

                  Section Referred to in Other Sections

    This section is referred to in sections 1773, 1775 of this title.
