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12 U.S.C. § 1771 — Separability; right to alter, amend, or repeal chapter
Federal law — U.S. Code and appendices · legal_authorities
**(a)** If any provision of this chapter, or the application thereof to any person or circumstance, is held invalid, the remainder of the chapter, and the application of such provision to other persons or circumstances, shall not be affected thereby.
**(b)** The right to alter, amend, or repeal this chapter or any part thereof, or any charter issued pursuant to the provisions of this chapter, is expressly reserved.
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Source file: Laws/federal/codes/united-states-code/title-12/section-1771-separability-right-to-alter-amend-or-repeal-chapter--136386355e.md
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Source location: Title 12, Chapter 14, § 1771; chapter-014-federal-credit-unions.md
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**(a)** If any provision of this chapter, or the application thereof to any person or circumstance, is held invalid, the remainder of the chapter, and the application of such provision to other persons or circumstances, shall not be affected thereby.
**(b)** The right to alter, amend, or repeal this chapter or any part thereof, or any charter issued pursuant to the provisions of this chapter, is expressly reserved.
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Federal law — U.S. Code and appendices · legal_authorities
The Federal credit unions organized hereunder, their property, their franchises, capital, reserves, surpluses, and other funds, and their income shall be exempt from all taxation now or hereafter imposed by the United States or by any State, Territorial, or local taxing authority; except that any real property and any tangible personal property of such Federal credit unions shall be subject to Federal, State, Territorial, and local taxation to the same extent as other similar property is taxed. Nothing herein contained shall prevent holdings in any Federal credit union organized hereunder from being included in the valuation of the personal property of the owners or holders thereof in assessing taxes imposed by authority of the State or political subdivision thereof in which the Federal credit union is located; but the duty or burden of collecting or enforcing the payment of such a tax shall not be imposed upon any such Federal credit union and the tax shall not exceed the rate of taxes imposed upon holdings in domestic credit unions.
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Federal law — U.S. Code and appendices · legal_authorities
Notwithstanding any other provision of law, upon application by any credit union organized under State law or by any Federal credit union organized in accordance with the terms of this chapter, which application shall be addressed to the officer or agency of the United States charged with the allotment of space on lands reserved for the use of, and under the exclusive or concurrent jurisdiction of, the United States or in the Federal buildings in the community or district in which such credit union does business, such officer or agency may in his or its discretion lease land or allot space to such credit union without charge for rent or services if at least 95 percent of the membership of the credit union to be served by the allotment of space or the facility built on the lease land is composed of persons who either are presently Federal employees or were Federal employees at the time of admission into the credit union, and members of their families, and if space is available. For the purpose of this section, the term “services” includes, but is not limited to, the providing of lighting, heating, cooling, electricity, office furniture, office machines and equipment, telephone service (including installation of lines and equipment and other expenses associated with telephone service), and security systems (including installation and other expenses associated with security systems). Where there is an agreement for the payment of costs associated with the provision of space or services, nothing in title 31 or any other provision of law, shall be construed to prohibit or restrict payment by reimbursement to the miscellaneous receipts or other appropriate account of the Treasury.
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Federal law — U.S. Code and appendices · legal_authorities
Page 880
TITLE 12—BANKS AND BANKING
§ 1771
equipment and other expenses associated with
telephone service), and security systems (includ-
ing installation and other expenses associated
with security systems). Where there is an agree-
ment for the payment of costs associated with
the provision of space or services, nothing in
title 31 or any other provision of law, shall be
construed to prohibit or restrict payment by re-
imbursement to the miscellaneous receipts or
other appropriate account of the Treasury.
(June 26, 1934, ch. 750, title I, § 124, formerly § 25,
as added Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat.
638; renumbered title I, § 124, Pub. L. 91–468,
§ 1(2), Oct. 19, 1970, 84 Stat. 994; amended Pub. L.
97–320, title V, § 515, Oct. 15, 1982, 96 Stat. 1530;
Pub. L. 97–457, § 27, Jan. 12, 1983, 96 Stat. 2510;
Pub. L. 103–160, div. B, title XXVIII, § 2854, Nov.
30, 1993, 107 Stat. 1908; Pub. L. 103–337, div. A,
title X, § 1070(b)(12), Oct. 5, 1994, 108 Stat. 2857;
Pub. L. 109–351, title V, § 501, Oct. 13, 2006, 120
Stat. 1974.)
Editorial Notes
PRIOR PROVISIONS
A prior section 1770, act June 26, 1934, ch. 750, § 20, 48
Stat. 1222, related to separability of provisions and
right to alter, amend, or repeal chapter, prior to the
amendment of act June 26, 1934, by Pub. L. 86–354. See
section 1769 of this title.
Provisions similar to those comprising this section
were contained in section 21 of act June 26, 1934, ch. 750,
as added July 9, 1937, ch. 471, 50 Stat. 487 (formerly clas-
sified to section 1771 of this title), prior to the amend-
ment and renumbering of act June 26, 1934, by Pub. L.
86–354.
AMENDMENTS
2006—Pub. L. 109–351, in section catchline, inserted
‘‘or Federal land’’ after ‘‘buildings’’ and, in text, sub-
stituted ‘‘Notwi
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