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12 U.S.C. § 1770 — Taxation
Federal law — U.S. Code and appendices · legal_authorities
The Federal credit unions organized hereunder, their property, their franchises, capital, reserves, surpluses, and other funds, and their income shall be exempt from all taxation now or hereafter imposed by the United States or by any State, Territorial, or local taxing authority; except that any real property and any tangible personal property of such Federal credit unions shall be subject to Federal, State, Territorial, and local taxation to the same extent as other similar property is taxed. Nothing herein contained shall prevent holdings in any Federal credit union organized hereunder from being included in the valuation of the personal property of the owners or holders thereof in assessing taxes imposed by authority of the State or political subdivision thereof in which the Federal credit union is located; but the duty or burden of collecting or enforcing the payment of such a tax shall not be imposed upon any such Federal credit union and the tax shall not exceed the rate of taxes imposed upon holdings in domestic credit unions.
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Source location: Title 12, Chapter 14, § 1770; chapter-014-federal-credit-unions.md
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The Federal credit unions organized hereunder, their property, their franchises, capital, reserves, surpluses, and other funds, and their income shall be exempt from all taxation now or hereafter imposed by the United States or by any State, Territorial, or local taxing authority; except that any real property and any tangible personal property of such Federal credit unions shall be subject to Federal, State, Territorial, and local taxation to the same extent as other similar property is taxed. Nothing herein contained shall prevent holdings in any Federal credit union organized hereunder from being included in the valuation of the personal property of the owners or holders thereof in assessing taxes imposed by authority of the State or political subdivision thereof in which the Federal credit union is located; but the duty or burden of collecting or enforcing the payment of such a tax shall not be imposed upon any such Federal credit union and the tax shall not exceed the rate of taxes imposed upon holdings in domestic credit unions.
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** If any provision of this chapter, or the application thereof to any person or circumstance, is held invalid, the remainder of the chapter, and the application of such provision to other persons or circumstances, shall not be affected thereby.
**(b)** The right to alter, amend, or repeal this chapter or any part thereof, or any charter issued pursuant to the provisions of this chapter, is expressly reserved.
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** A Federal credit union may be converted into a State credit union under the laws of any State, the District of Columbia, the several Territories and possessions of the United States, the Panama Canal Zone, or the Commonwealth of Puerto Rico, by complying with the following requirements:
(1) The proposition for such conversion shall first be approved, and a date set for a vote thereon by the members (either at a meeting to be held on such date or by written ballot to be filed on or before such date), by a majority of the directors of the Federal credit union. Written notice of the proposition and of the date set for the vote shall then be delivered in person to each member, or mailed to each member at the address for such member appearing on the records of the credit union, not more than thirty nor less than seven days prior to such date. Approval of the proposition for conversion shall be by the affirmative vote of a majority of the members of the credit union who vote on the proposal. The written notice of the proposition shall in boldface type state that the issue will be decided by a majority of the members who vote.
(2) A statement of the results of the vote, verified by the affidavits of the president or vice president and the secretary, shall be filed with the Administration within ten days after the vote is taken.
(3) Promptly after the vote is taken and in no event later than ninety days thereafter, if the proposition for conversion was approved by such vote, the credit union shall take such action as may be necessary under the applicable State law to make it a State credit union, and within ten days after receipt of the State credit union charter there shall be filed with the Administration a copy of the charter thus issued. Upon such filing the cred
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Federal law — U.S. Code and appendices · legal_authorities
Page 879
TITLE 12—BANKS AND BANKING
§ 1770
(June 26, 1934, ch. 750, title I, § 121, formerly § 17,
48 Stat. 1222; 1947, Reorg. Plan No. 1, § 401, eff.
July 1, 1947, 12 F.R. 4534, 61 Stat. 952; June 29,
1948, ch. 711, §§ 1, 2, 62 Stat. 1091; renumbered § 22,
Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 637;
amended Pub. L. 91–206, § 2(1), Mar. 10, 1970, 84
Stat. 49; renumbered title I, § 121, Pub. L. 91–468,
§ 1(2), Oct. 19, 1970, 84 Stat. 994; amended Pub. L.
95–630, title V, § 502(b), Nov. 10, 1978, 92 Stat. 3681;
Pub. L. 100–86, title VII, § 716, Aug. 10, 1987, 101
Stat. 656.)
Editorial Notes
AMENDMENTS
1987—Pub. L. 100–86 designated existing provisions as
subsec. (a) and added subsec. (b).
1978—Pub. L. 95–630 substituted ‘‘Board’’ for ‘‘Admin-
istrator’’.
1970—Pub. L. 91–206 substituted ‘‘Administrator’’ for
‘‘Director’’.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 1978 AMENDMENT
Amendment by Pub. L. 95–630 effective on expiration
of 120 days after Nov. 10, 1978, and transitional provi-
sions, see section 509 of Pub. L. 95–630, set out as a note
under section 1752 of this title.
Executive Documents
TRANSFER OF FUNCTIONS
Transfer of functions of Farm Credit Administration
and Governor thereof, generally, see notes set out
under section 1751 of this title.
Functions of Governor of Farm Credit Administra-
tion under this section transferred to Federal Deposit
Insurance Corporation by Reorg. Plan No. 1 of 1947.
§ 1768. Taxation
The Federal credit unions organized here-
under, their property, their franchises, capital,
reserves, surpluses, and other funds, and their
income shall be exempt from all taxation now or
hereafter imposed by the United States or by
any State, Territorial, or local taxing authority;
except that any
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