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12 U.S.C. § 1775 — District of Columbia credit unions; conversion to Federal status
Federal law — U.S. Code and appendices · legal_authorities
Any credit union organized under the District of Columbia Credit Unions Act, as amended, may apply for conversion into a Federal credit union by filing with the National Credit Union Administration Board (in sections 1773 to 1775 of this title referred to as the Board), pursuant to a resolution adopted by a majority of its directors, an organization certificate meeting the requirements of [section 1753 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1753&num=0&edition=prelim).
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Source file: Laws/federal/codes/united-states-code/title-12/section-1775-district-of-columbia-credit-unions-conversion-to-federal-status--302f92f66a.md
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Source location: Title 12, Chapter 14, § 1775; chapter-014-federal-credit-unions.md
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Any credit union organized under the District of Columbia Credit Unions Act, as amended, may apply for conversion into a Federal credit union by filing with the National Credit Union Administration Board (in sections 1773 to 1775 of this title referred to as the Board), pursuant to a resolution adopted by a majority of its directors, an organization certificate meeting the requirements of [section 1753 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1753&num=0&edition=prelim).
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Federal law — U.S. Code and appendices · legal_authorities
As used in this chapter—
(1) the term “Federal credit union” means a cooperative association organized in accordance with the provisions of this chapter for the purpose of promoting thrift among its members and creating a source of credit for provident or productive purposes;
(2) the term “Chairman” means the Chairman of the National Credit Union Administration Board;
(3) the term “Administration” means the National Credit Union Administration;
(4) the term “Board” means the National Credit Union Administration Board;
(5) The terms “member account” and “account” mean a share, share certificate, or share draft account of a member of a credit union of a type approved by the Board which evidences money or its equivalent received or held by a credit union in the usual course of business and for which it has given or is obligated to give credit to the account of the member, and, in the case of a credit union serving predominantly low-income members (as defined by the Board), such terms (when referring to the account of a nonmember served by such credit union) mean a share, share certificate, or share draft account of such nonmember which is of a type approved by the Board and evidences money or its equivalent received or held by such credit union in the usual course of business and for which it has given or is obligated to give credit to the account of such nonmember, and such terms mean share, share certificate, or share draft account of nonmember credit unions and nonmember units of Federal, State, or local governments and political subdivisions thereof enumerated in [section 1787 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1787&num=0&edition=prelim), and such terms mean custodial accounts established for loans sold in wh
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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).
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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. § 1775
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