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12 U.S.C. § 1751a — State and local tax exemption

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1751a — State and local tax exemption

**(a) Franchise, activities, etc., of Central Liquidity Facility; exception** The Central Liquidity Facility, and its franchise, 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 obligations of Central Liquidity Facility; exceptions** (1) Except as provided in paragraph (2), the notes, bonds, debentures, and other obligations issued on behalf of the Central Liquidity Facility and the income therefrom shall be exempt from all State and local taxation now or hereafter imposed. (2) Any obligation described in paragraph (1) shall not be exempt from State or local gift, estate, 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 municipalities, or any territory, dependency, or possession of the United States shall be treated as local taxes.

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Source file: Laws/federal/codes/united-states-code/title-12/section-1751a-state-and-local-tax-exemption--c8c245fcf4.md
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Source location: Title 12, Chapter 14, § 1751a; chapter-014-federal-credit-unions.md

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1795b — Congressional findings

The Congress finds that the establishment of a National Credit Union Central Liquidity Facility is needed to improve general financial stability by meeting the liquidity needs of credit unions and thereby encourage savings, support consumer and mortgage lending, and provide basic financial resources to all segments of the economy.

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 501 — Exemption from tax on corporations, certain trusts, etc.

**(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

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1754 — National Credit Union Administration

**(a) Establishment; management under National Credit Union Administration Board** There is established in the executive branch of the Government an independent agency to be known as the National Credit Union Administration. The Administration shall be under the management of a National Credit Union Administration Board. **(b) Membership and appointment of Board** (1) **In general** — The Board shall consist of three members, who are broadly representative of the public interest, appointed by the President, by and with the advice and consent of the Senate. In appointing the members of the Board, the President shall designate the Chairman. Not more than two members of the Board shall be members of the same political party. (2) **Appointment criteria** (A) *Experience in financial services* — In considering appointments to the Board under paragraph (1), the President shall give consideration to individuals who, by virtue of their education, training, or experience relating to a broad range of financial services, financial services regulation, or financial policy, are especially qualified to serve on the Board. (B) *Limit on appointment of credit union officers* — Not more than one member of the Board may be appointed to the Board from among individuals who, at the time of the appointment, are, or have recently been, involved with any insured credit union as a committee member, director, officer, employee, or other institution-affiliated party. **(c) Term of office** The term of office of each member of the Board shall be six years, except that the terms of the two members, other than the Chairman, initially appointed shall expire one upon the expiration of two years after the date of appointment, and the other upon the expiration of four years after the date of

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1751a — Omitted

Page 854 TITLE 12—BANKS AND BANKING § 1751a ‘‘(1) The American credit union movement began as a cooperative effort to serve the productive and provident credit needs of individuals of modest means. ‘‘(2) Credit unions continue to fulfill this public purpose, and current members and membership groups should not face divestiture from the financial services institution of their choice as a result of re- cent court action. ‘‘(3) To promote thrift and credit extension, a meaningful affinity and bond among members, mani- fested by a commonality of routine interaction, shared and related work experiences, interests, or ac- tivities, or the maintenance of an otherwise well-un- derstood sense of cohesion or identity is essential to the fulfillment of the public mission of credit unions. ‘‘(4) Credit unions, unlike many other participants in the financial services market, are exempt from Federal and most State taxes because they are mem- ber-owned, democratically operated, not-for-profit or- ganizations generally managed by volunteer boards of directors and because they have the specified mission of meeting the credit and savings needs of consumers, especially persons of modest means. ‘‘(5) Improved credit union safety and soundness provisions will enhance the public benefit that citi- zens receive from these cooperative financial services institutions.’’ TRANSFER OF FUNCTIONS Secretary and Department of Health, Education, and Welfare redesignated Secretary and Department of Health and Human Services by section 3508 of Title 20, Education. Executive Documents TRANSFER OF FUNCTIONS Transfer of functions of Farm Credit Administration and Governor thereof to Bureau of Farm Credit Unions and Director thereof under jurisdiction of Federal Se- curity Agency

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