12 USC 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, §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.)

Sections:  Previous  1772  1772a  1772b  1772c  1772c-1  1772d  1773  1774  1775  1781  1782  1783  1784  1785  1786  Next

Last modified: October 26, 2015