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12 U.S.C. § 1772c — Gifts; acceptance of conditional gifts; deposit
Federal law — U.S. Code and appendices · legal_authorities
The Board is authorized to accept gifts of money made unconditionally by will or otherwise for the carrying out of any of the functions under this chapter. A conditional gift of money made by will or otherwise for such purposes may be accepted and used in accordance with its conditions, but no such gift shall be accepted which is conditioned upon any expenditure not to be met therefrom or from income thereof unless the Board determines that supplementation of such gift from the fees it may expend pursuant to sections 1755 and 1756 of this title or from any funds appropriated pursuant to [section 1766(f)(2)(C) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1766/f/2/C&num=0&edition=prelim) for the purpose of making such expenditure will not adversely affect the sound administration of this chapter. Any such gift shall be deposited in the Treasury of the United States for the account of the Administration and may be expended in accordance with [section 1755 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1755&num=0&edition=prelim) or as provided in the preceding sentence.
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Stable record: federal_law:legal_authorities:record_usc_8153b12566d09ac32ad974b3
Source file: Laws/federal/codes/united-states-code/title-12/section-1772c-gifts-acceptance-of-conditional-gifts-deposit--c33da9e20f.md
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Source location: Title 12, Chapter 14, § 1772c; chapter-014-federal-credit-unions.md
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The Board is authorized to accept gifts of money made unconditionally by will or otherwise for the carrying out of any of the functions under this chapter. A conditional gift of money made by will or otherwise for such purposes may be accepted and used in accordance with its conditions, but no such gift shall be accepted which is conditioned upon any expenditure not to be met therefrom or from income thereof unless the Board determines that supplementation of such gift from the fees it may expend pursuant to sections 1755 and 1756 of this title or from any funds appropriated pursuant to [section 1766(f)(2)(C) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1766/f/2/C&num=0&edition=prelim) for the purpose of making such expenditure will not adversely affect the sound administration of this chapter. Any such gift shall be deposited in the Treasury of the United States for the account of the Administration and may be expended in accordance with [section 1755 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1755&num=0&edition=prelim) or as provided in the preceding sentence.
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Federal law — U.S. Code and appendices · legal_authorities
Any seven or more natural persons who desire to form a Federal credit union shall each subscribe either individually or collectively before some officer competent to administer oaths an organization certificate in duplicate which shall specifically state:
(1) the name of the association;
(2) the location of the proposed Federal credit union and the territory in which it will operate;
(3) the names and addresses of the subscribers to the certificate and the number of shares subscribed by each;
(4) the initial par value of the shares;
(5) the proposed field of membership, specified in detail;
(6) the term of the existence of the corporation, which may be perpetual; and
(7) the fact that the certificate is made to enable such persons to avail themselves of the advantages of this chapter.
Such organization certificate may also contain any provisions approved by the Board for the management of the business of the association and for the conduct of its affairs and relative to the powers of its directors, officers, or stockholders.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1755
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Federal law — U.S. Code and appendices · legal_authorities
This chapter may be cited as the “Federal Credit Union Act”.
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Federal law — U.S. Code and appendices · legal_authorities
Page 882
TITLE 12—BANKS AND BANKING
§ 1772b
1 See References in Text note below.
§ 1772b. Apportionment
Notwithstanding any other provision of law,
funds received by the Board pursuant to any
method provided by this chapter, and interest,
dividend, or other income thereon, shall not be
subject to apportionment for the purpose of
chapter 15 of title 31 or under any other author-
ity.
(June 26, 1934, ch. 750, title I, § 128, as added Pub.
L. 100–86, title V, § 505(e), Aug. 10, 1987, 101 Stat.
633.)
§ 1772c. Trust fund
Notwithstanding any other provision of law,
all moneys of the Board shall be treated as trust
funds for the purpose of section 906(a)(2) 1 of title
2. This section is effective for fiscal year 1986
and every fiscal year thereafter.
(June 26, 1934, ch. 750, title I, § 129, as added Pub.
L. 100–86, title VII, § 708, Aug. 10, 1987, 101 Stat.
653.)
Editorial Notes
REFERENCES IN TEXT
Section 906(a) of title 2, referred to in text, was
amended generally by Pub. L. 101–508, title XIII,
§ 13101(d)(1), Nov. 5, 1990, 104 Stat. 1388–589, and subse-
quently repealed by Pub. L. 111–139, title I, § 10(a), Feb.
12, 2010, 124 Stat. 21. Provisions similar to those for-
merly appearing in section 906(a)(2) are now contained
in section 906(k)(6) of Title 2, The Congress.
§ 1772c–1.
Community
development
revolving
loan fund for credit unions
(a) In general
The Board may exercise the authority granted
to it by the Community Development Credit
Union Revolving Loan Fund Transfer Act, in-
cluding any additional appropriation made or
earnings accrued, subject only to this section
and to regulations prescribed by the Board.
(b) Investment
The Board may invest any idle Fund moneys
in United States Treasury securities. Any inter-
est accrued on s
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1772c
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