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12 U.S.C. § 1782 — Conditions upon conversion to Federal status
Federal law — U.S. Code and appendices · legal_authorities
Any District of Columbia credit union converting into a Federal credit union in accordance with sections 1773 to 1775 of this title shall thereupon be subject to the limitations, vested with the powers, and charged with the liabilities conferred and imposed by the Federal Credit Union Act [[12 U.S.C. 1751](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1751&num=0&edition=prelim) et seq.] upon credit unions organized thereunder, except that—
(1) no fee shall be imposed upon a credit union converting pursuant to sections 1773 to 1775 of this title as an incident to its conversion;
(2) any loan or investment made by a credit union converting pursuant to sections 1773 to 1775 of this title in conformity with the District of Columbia Credit Unions Act prior to its conversion, which does not conform to the requirements of the Federal Credit Union Act and is still outstanding at the time of conversion, shall be liquidated at or before its maturity or, if it has no maturity date, in a prudent manner and within a reasonable period of time;
(3) a credit union converting pursuant to sections 1773 to 1775 of this title shall submit proposed bylaws to the Board for the Board’s approval after its conversion, but not later than thirty days following its next annual meeting or six months after August 1, 1964, whichever is later: Provided, That any existing bylaw inconsistent with any other requirements of the Federal Credit Union Act shall be deemed null and void.
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Source file: Laws/federal/codes/united-states-code/title-12/section-1782-conditions-upon-conversion-to-federal-status--54c780cf0a.md
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Source location: Title 12, Chapter 14, § 1782; chapter-014-federal-credit-unions.md
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Any District of Columbia credit union converting into a Federal credit union in accordance with sections 1773 to 1775 of this title shall thereupon be subject to the limitations, vested with the powers, and charged with the liabilities conferred and imposed by the Federal Credit Union Act [[12 U.S.C. 1751](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1751&num=0&edition=prelim) et seq.] upon credit unions organized thereunder, except that—
(1) no fee shall be imposed upon a credit union converting pursuant to sections 1773 to 1775 of this title as an incident to its conversion;
(2) any loan or investment made by a credit union converting pursuant to sections 1773 to 1775 of this title in conformity with the District of Columbia Credit Unions Act prior to its conversion, which does not conform to the requirements of the Federal Credit Union Act and is still outstanding at the time of conversion, shall be liquidated at or before its maturity or, if it has no maturity date, in a prudent manner and within a reasonable period of time;
(3) a credit union converting pursuant to sections 1773 to 1775 of this title shall submit proposed bylaws to the Board for the Board’s approval after its conversion, but not later than thirty days following its next annual meeting or six months after August 1, 1964, whichever is later: Provided, That any existing bylaw inconsistent with any other requirements of the Federal Credit Union Act shall be deemed null and void.
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Federal law — U.S. Code and appendices · legal_authorities
The facility is authorized to act upon the request of the Board of Governors of the Federal Reserve System as an agent of the Federal Reserve System in matters pertaining to credit unions under such terms and conditions as may be established by the Board of Governors of the Federal Reserve System.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1751
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
#### Codification
Section, act June 29, 1948, ch. 711, § 2, 62 Stat. 1091, related to establishment of Bureau of Federal Credit Unions. See [section 1752a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1752a&num=0&edition=prelim).
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1752a
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Creation; use of fund** There is hereby created in the Treasury of the United States a National Credit Union Share Insurance Fund which shall be used by the Board as a revolving fund for carrying out the purposes of this subchapter. Money in the fund shall be available upon requisition by the Board, without fiscal year limitation, for making payments of insurance under [section 1787 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1787&num=0&edition=prelim), for providing assistance and making expenditures under [section 1788 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1788&num=0&edition=prelim) in connection with the liquidation or threatened liquidation of insured credit unions, and for such administrative and other expenses incurred in carrying out the purposes of this subchapter as it may determine to be proper.
**(b) Deposit of deposits and premium charges, fees and penalties** All deposits and premium charges for insurance paid pursuant to the provisions of [section 1782 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1782&num=0&edition=prelim) and all fees for examinations and all penalties collected by the Board under any provision of this subchapter shall be deposited in the National Credit Union Share Insurance Fund. The Board shall report annually to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking, Finance and Urban Affairs of the House of Representatives with respect to the operating level of the fund. Such report shall also include the results of an independent audit of the fund.
**(c) Investment authorization** The Board may authorize the Secretary of the Treasury to inve
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1785
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment of Stabilization Fund** There is hereby created in the Treasury of the United States a fund to be known as the “Temporary Corporate Credit Union Stabilization Fund.” The Board will administer the Stabilization Fund as prescribed by [section 1789 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1789&num=0&edition=prelim).
**(b) Expenditures from Stabilization Fund** Money in the Stabilization Fund shall be available upon requisition by the Board, without fiscal year limitation, for making payments for the purposes described in [section 1783(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1783/a&num=0&edition=prelim), subject to the following additional limitations:
(1) All payments other than administrative payments shall be connected to the conservatorship, liquidation, or threatened conservatorship or liquidation, of a corporate credit union.
(2) Prior to authorizing each payment the Board shall—
(A) certify that, absent the existence of the Stabilization Fund, the Board would have made the identical payment out of the National Credit Union Share Insurance Fund (Insurance Fund); and
(B) report each such certification to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives.
**(c) Authority to borrow**
(1) **In general** — The Stabilization Fund is authorized to borrow from the Secretary of the Treasury from time-to-time as deemed necessary by the Board. The maximum outstanding amount of all borrowings from the Treasury by the Stabilization Fund and the National Credit Union Share Insurance Fund, combined, is limited to the amount provided for in [section 1783(d)(1) of
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1795a
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment of applicable definitions, payment of interest, obligations as deposits, and regulations** The Board is authorized for the purposes of this section 11 See References in Text note below. to define the terms used in this section,1 to determine what shall be deemed a payment of interest, to determine what types of obligations, whether issued directly by a member bank or indirectly by an affiliate of a member bank or by other means, and, regardless of the use of the proceeds, shall be deemed a deposit, and to prescribe such regulations as it may deem necessary to effectuate the purposes of this section 1 and to prevent evasions thereof.
**(b) Additional definitions; required amounts of reserves maintained against transaction accounts; waiver of ratio limits in extraordinary circumstances; supplemental reserves; reserves related to foreign obligations or assets; exemption for certain deposits; discount and borrowing; transitional adjustments; additional exemptions and waivers; earnings on balances**
(1) The following definitions and rules apply to this subsection, subsection (c), and sections 248–1, 248a, 342, 360, and 412 of this title:
(A) The term “depository institution” means—
(i) any insured bank as defined in section 3 of the Federal Deposit Insurance Act [[12 U.S.C. 1813](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim)] or any bank which is eligible to make application to become an insured bank under section 5 of such Act [[12 U.S.C. 1815](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1815&num=0&edition=prelim)];
(ii) any mutual savings bank as defined in section 3 of the Federal Deposit Insurance Act or any bank which is eligible to make applicatio
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Federal law — U.S. Code and appendices · legal_authorities
Page 853
TITLE 12—BANKS AND BANKING
§ 1751
CHAPTER 14—FEDERAL CREDIT UNIONS
Sec.
1751.
Short title.
1751a.
Omitted.
SUBCHAPTER I—GENERAL PROVISIONS
1752.
Definitions.
1752a.
National Credit Union Administration.
1753.
Federal credit union organization.
1754.
Approval of organization certificate.
1755.
Fees.
1756.
Reports and examinations.
1756a.
Omitted.
1757.
Powers.
1757a.
Limitation on member business loans.
1758.
Bylaws.
1759.
Membership.
1760.
Members’ meetings.
1761.
Management.
1761a.
Officers of the board.
1761b.
Board of directors; meetings; powers and du-
ties; executive committee; membership offi-
cers; membership application.
1761c.
Credit committee.
1761d.
Supervisory committee; powers and duties;
suspension of members; passbook.
1762.
Repealed.
1763.
Dividends.
1764.
Expulsion and withdrawal.
1765.
Minors.
1766.
Powers of Board.
1767.
Fiscal agents and depositories; authorization
to secure deposits by governmental bodies.
1768.
Taxation.
1769.
Separability; right to alter, amend, or repeal
chapter.
1770.
Allotment of space in Federal buildings or
Federal land.
1771.
Conversion from Federal to State credit
union and from State to Federal credit
union.
1772.
Territorial application of chapter.
1772a.
Gifts; acceptance of conditional gifts; deposit.
1772b.
Apportionment.
1772c.
Trust fund.
1772c–1.
Community development revolving loan fund
for credit unions.
1772d.
Forfeiture of organization certificate for
money laundering or cash transaction re-
porting offenses.
1772e.
Data standards.
1772f.
Open data publication.
1773.
District of Columbia credit unions; conver-
sion to Federal status.
1774.
Approval of certificate; assets and obligations
of applicant credit union.
1
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1751
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Federal law — U.S. Code and appendices · legal_authorities
Page 886
TITLE 12—BANKS AND BANKING
§ 1782
Editorial Notes
REFERENCES IN TEXT
For definition of Canal Zone, referred to in text, see
section 3602(b) of Title 22, Foreign Relations and Inter-
course.
Section 1404(e)(1)(A) of the Financial Institutions Re-
form, Recovery, and Enforcement Act of 1989, referred
to in subsec. (e)(3), is section 1404(e)(1)(A) of Pub. L.
101–73, which is set out as a note under section 1811 of
this title.
AMENDMENTS
2006—Subsec. (b)(5). Pub. L. 109–351 substituted ‘‘this
chapter’’ for ‘‘section 1762 of this title’’.
1996—Subsec. (e). Pub. L. 104–208 added subsec. (e).
1984—Subsec. (b)(8). Pub. L. 98–369 inserted provisions
relating to payment and maintenance of the deposit.
1978—Subsec. (a). Pub. L. 95–630, §§ 502(b), 504(a), sub-
stituted ‘‘Board’’ for ‘‘Administrator’’ and ‘‘it’’ for
‘‘he’’, and inserted ‘‘, including the trust territories,’’
after ‘‘the several territories’’.
Subsec. (b). Pub. L. 95–630, §§ 502(b), 504(b), substituted
‘‘Board’’ for ‘‘Administrator’’ wherever appearing and
inserted in par. (7) ‘‘except for accounts authorized by
State law for State credit unions’’ after ‘‘by the
Board’’.
Subsec. (c). Pub. L. 95–630, § 502(b), substituted
‘‘Board’’ for ‘‘Administrator’’ wherever appearing, and
in par. (2) substituted ‘‘it’’ for ‘‘he’’ before ‘‘finds’’.
Subsecs. (d), (e). Pub. L. 95–630, §§ 502(b), 504(c), struck
out subsec. (d), redesignated subsec. (e) as (d) and sub-
stituted ‘‘Board’’ for ‘‘Administrator’’.
1977—Subsec. (c)(3). Pub. L. 95–22 struck out par. (3)
which provided for approval by Administrator of appli-
cations of State credit unions for insurance of its mem-
ber accounts where credit union meets requirements of
this chapter and where in the event of liquidation of
the credit union
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1782
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