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12 U.S.C. § 1781 — Approval of certificate; assets and obligations of applicant credit union
Federal law — U.S. Code and appendices · legal_authorities
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.
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Source file: Laws/federal/codes/united-states-code/title-12/section-1781-approval-of-certificate-assets-and-obligations-of-applicant-credit-union--f95a49e02d.md
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Source location: Title 12, Chapter 14, § 1781; chapter-014-federal-credit-unions.md
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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.
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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) Prior notice required** An insured credit union shall notify the Board of the proposed addition of any individual to the board of directors or committee or the employment of any individual as a senior executive officer of such credit union at least 30 days before such addition or employment becomes effective, if the insured credit union—
(1) has been chartered less than 2 years; or
(2) is in troubled condition, as determined on the basis of such credit union’s most recent report of condition or report of examination.
**(b) Disapproval by Board** An insured credit union may not add any individual to the board of directors or employ any individual as a senior executive officer if the Board issues a notice of disapproval of such addition or employment before the end of the 30-day period beginning on the date the agency receives notice of the proposed action pursuant to subsection (a).
**(c) Exception in extraordinary circumstances**
(1) **In general** — The Board may prescribe by regulation conditions under which the prior notice requirement of subsection (a) may be waived in the event of extraordinary circumstances.
(2) **No effect on disapproval authority of Board** — Such waivers shall not affect the authority of the Board to issue notices of disapproval of such additions or employment of such individuals within 30 days after each such waiver.
**(d) Additional information** Any notice submitted to the Board by any insured credit union pursuant to subsection (a) shall include—
(1) the information described in [section 1817(j)(6)(A) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1817/j/6/A&num=0&edition=prelim) about the individual; and
(2) such other information as the Board may prescribe by regulation.
**(e) St
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1790c
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Representations of deposit insurance**
(1) **Insured depository institutions**
(A) *In general* — Each insured depository institution shall display at each place of business maintained by that institution a sign or signs relating to the insurance of the deposits of the institution, in accordance with regulations to be prescribed by the Corporation.
(B) *Statement to be included* — Each sign required under subparagraph (A) shall include a statement that insured deposits are backed by the full faith and credit of the United States Government.
(2) **Regulations** — The Corporation shall prescribe regulations to carry out this subsection, including regulations governing the substance of signs required by paragraph (1) and the manner of display or use of such signs.
(3) **Penalties** — For each day that an insured depository institution continues to violate paragraph (1) or any regulation issued under paragraph (2), it shall be subject to a penalty of not more than $100, which the Corporation may recover for its use.
(4) **False advertising, misuse of FDIC names, and misrepresentation to indicate insured status**
(A) *Prohibition on false advertising and misuse of FDIC names* — No person may represent or imply that any deposit liability, obligation, certificate, or share is insured or guaranteed by the Corporation, if such deposit liability, obligation, certificate, or share is not insured or guaranteed by the Corporation—
(i) by using the terms “Federal Deposit”, “Federal Deposit Insurance”, “Federal Deposit Insurance Corporation”, any combination of such terms, or the abbreviation “FDIC” as part of the business name or firm name of any person, including any corporation, partnership, business trust, association, or other business entity; or
(ii)
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1828
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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 884
TITLE 12—BANKS AND BANKING
§ 1774
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 Di-
rector thereof, to National Credit Union Administra-
tion and vested authority for management of Adminis-
tration in National Credit Union Administration
Board.
REPEALS; REVOCATION
OF ORGANIZATION CERTIFICATES
ISSUED UNDER DISTRICT OF COLUMBIA CREDIT UNIONS
ACT
Pub. L. 88–395, § 4, Aug. 1, 1964, 78 Stat. 377, provided
that: ‘‘Effective thirty days after enactment of this Act
[Aug. 1, 1964], the District of Columbia Credit Unions
Act (47 Stat. 326), as amended, is repealed and all orga-
nization certificates issued thereunder and still in force
are revoked.’’
§ 1774. Approval of certificate; assets and obliga-
tions 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 ap-
plicant 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.)
Editorial Notes
CODIFICATION
Section was not enacted as part of the Federal Credit
Union Act which comprises this chapter.
Statutory Notes and Related Subsidiaries
TRANSFER OF FUNCTIONS
‘‘Board’’, meaning the National Credit Union Admin-
istration Board, substituted in text for ‘‘Director’’,
meaning Director of Bureau of Federal Credit Unions,
pursuant to section 3 of Pub. L. 91–206
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1781
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