Browse Arkansas Code titles and sections
12 U.S.C. § 1795k — Annual report
Federal law — U.S. Code and appendices · legal_authorities
The annual report required by [section 1752a(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1752a/d&num=0&edition=prelim) shall include a full report of the activities of the Facility.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1795k
Stored review status: release_metadata_unconfirmed. A text match is a research starting point; applicability is not established.
Original supplied file — preserved unchanged
Download original Markdown file
File SHA-256: cccd3ab9df2a799e14d4e3d734fc3ba8f4e73ba994b601dcaa2648eea223ee7a. The original may include catalog metadata, neighboring provisions, or embedded records outside this collection's scope. Search shows only the selected federal record. Historical editions and unverified snapshots are not a statement of current law.
Authority boundary: historical or unconfirmed source not current law verified.
Open the recorded source website ↗
Record provenance
Stable record: federal_law:legal_authorities:record_usc_15f98bf639d02eb1f56044a8
Source file: Laws/federal/codes/united-states-code/title-12/section-1795k-annual-report--6445d4da20.md
Pages: Not recorded – Not recorded
Passage SHA-256: 4feaa62807c4c86b1cce2d7b9bc776915d4ab32406e252f0bece4fc67bb0e050
Source location: Title 12, Chapter 14, § 1795k; chapter-014-federal-credit-unions.md
Stored source content
The annual report required by [section 1752a(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1752a/d&num=0&edition=prelim) shall include a full report of the activities of the Facility.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Resolving problems to protect Fund**
(1) **Purpose** — The purpose of this section is to resolve the problems of insured credit unions at the least possible long-term loss to the Fund.
(2) **Prompt corrective action required** — The Board shall carry out the purpose of this section by taking prompt corrective action to resolve the problems of insured credit unions.
**(b) Regulations required**
(1) **Insured credit unions**
(A) *In general* — The Board shall, by regulation, prescribe a system of prompt corrective action for insured credit unions that is—
(i) consistent with this section; and
(ii) comparable to section 1831o of this title.
(B) *Cooperative character of credit unions* — The Board shall design the system required under subparagraph (A) to take into account that credit unions are not-for-profit cooperatives that—
(i) do not issue capital stock;
(ii) must rely on retained earnings to build net worth; and
(iii) have boards of directors that consist primarily of volunteers.
(2) **New credit unions**
(A) *In general* — In addition to regulations under paragraph (1), the Board shall, by regulation, prescribe a system of prompt corrective action that shall apply to new credit unions in lieu of this section and the regulations prescribed under paragraph (1).
(B) *Criteria for alternative system* — The Board shall design the system prescribed under subparagraph (A)—
(i) to carry out the purpose of this section;
(ii) to recognize that credit unions (as cooperatives that do not issue capital stock) initially have no net worth, and give new credit unions reasonable time to accumulate net worth;
(iii) to create adequate incentives for new credit unions to become adequately capitalized by the time that they e
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1795
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
There is created the National Credit Union Administration Central Liquidity Facility. The Central Liquidity Facility, an instrumentality of the United States, shall exist within the National Credit Union Administration and be managed by the Board. The United States district court shall have original jurisdiction over any case to which the Board on behalf of the Facility is a party, without regard to the amount in controversy.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1795d
Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Exemption from taxation** An organization described in subsection (c) or (d) or section 401(a) shall be exempt from taxation under this subtitle unless such exemption is denied under section 502 or 503.
**(b) Tax on unrelated business income and certain other activities** An organization exempt from taxation under subsection (a) shall be subject to tax to the extent provided in parts II, III, and VI of this subchapter, but (notwithstanding parts II, III, and VI of this subchapter) shall be considered an organization exempt from income taxes for the purpose of any law which refers to organizations exempt from income taxes.
**(c) List of exempt organizations** The following organizations are referred to in subsection (a):
(1) Any corporation organized under Act of Congress which is an instrumentality of the United States but only if such corporation—
(A) is exempt from Federal income taxes—
(i) under such Act as amended and supplemented before July 18, 1984, or
(ii) under this title without regard to any provision of law which is not contained in this title and which is not contained in a revenue Act, or
(B) is described in subsection (l).
(2) Corporations organized for the exclusive purpose of holding title to property, collecting income therefrom, and turning over the entire amount thereof, less expenses, to an organization which itself is exempt under this section. Rules similar to the rules of subparagraph (G) of paragraph (25) shall apply for purposes of this paragraph.
(3) Corporations, and any community chest, fund, or foundation, organized and operated exclusively for religious, charitable, scientific, testing for public safety, literary, or educational purposes, or to foster national or international amateur sports competition (but only
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 501
Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
Page 956
TITLE 12—BANKS AND BANKING
§ 1795k
§ 1795k. State and local tax exemption
(a) Franchise, activities, etc., of Central Liquid-
ity Facility; exception
The Central Liquidity Facility, and its fran-
chise, activities, capital reserves, surplus, and
income, shall be exempt from all State and local
taxation now or hereafter imposed, other than
taxes on real property held by the Facility (to
the same extent, according to its value, as other
similar property held by other persons is taxed).
(b) Notes, bonds, debentures and other obliga-
tions of Central Liquidity Facility; excep-
tions
(1) Except as provided in paragraph (2), the
notes, bonds, debentures, and other obligations
issued on behalf of the Central Liquidity Facil-
ity and the income therefrom shall be exempt
from all State and local taxation now or here-
after imposed.
(2) Any obligation described in paragraph (1)
shall not be exempt from State or local gift, es-
tate, inheritance, legacy, succession, or other
wealth transfer taxes.
(c) ‘‘State’’ defined; tax status
For purposes of this section—
(1) the term ‘‘State’’ includes the District of
Columbia; and
(2) taxes imposed by counties or municipali-
ties, or any territory, dependency, or posses-
sion of the United States shall be treated as
local taxes.
(June 26, 1934, ch. 750, title III, § 312, as added
Pub. L. 98–369, div. B, title VIII, § 2813(a)(2), July
18, 1984, 98 Stat. 1206.)
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE
Pub. L. 98–369, div. B, title VIII, § 2813(c), July 18, 1984,
98 Stat. 1207, provided that: ‘‘The amendments made by
this section [enacting this section and amending sec-
tion 1795b of this title and section 501 of Title 26, Inter-
nal Revenue Code] shall take effect on October 1, 1979.’’
CHAPT
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1795k
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.