12 U.S.C. § 1772 — Territorial application of chapter

Page 881 TITLE 12—BANKS AND BANKING § 1772a plying with all State requirements requisite to enabling it to convert to a Federal credit union or to cease being a State credit union, (B) filing with the Administration proof of such compli- ance, satisfactory to the Board, and (C) filing with the Administration an organization certifi- cate as required by this chapter. (2) When the Board has been satisfied that all of such requirements, and all other require- ments of this chapter, have been complied with, the Board shall approve the organization certifi- cate. Upon such approval, the State credit union shall become a Federal credit union as of the date it ceases to be a State credit union. The Federal credit union shall be vested with all of the assets and shall continue responsible for all of the obligations of the State credit union to the same extent as though the conversion had not taken place. (June 26, 1934, ch. 750, title I, § 125, formerly § 26, as added Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 638; amended Pub. L. 91–206, § 2(1), (3), Mar. 10, 1970, 84 Stat. 49; renumbered title I, § 125, 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. 97–320, title V, § 527, Oct. 15, 1982, 96 Stat. 1535.) Editorial Notes REFERENCES IN TEXT For definition of Canal Zone, referred to in text, see section 3602(b) of Title 22, Foreign Relations and Inter- course. PRIOR PROVISIONS A prior section 1771, act June 26, 1934, ch. 750, § 21, as added July 9, 1937, ch. 471, 50 Stat. 487, related to allot- ment of space in Federal buildings, prior to the amend- ment of act June 26, 1934, by Pub. L. 86–354. See section 1770 of this title. AMENDMENTS 1982—Subsec. (a)(1). Pub. L. 97–320 substituted ‘‘of the credit union who vote on the proposal’’ for ‘‘, in person or in writing’’, and inserted provision that 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. 1978—Subsec. (b). Pub. L. 95–630 substituted ‘‘Board’’ for ‘‘Administrator’’ in two places. 1970—Pub. L. 91–206 substituted ‘‘Administration’’ for ‘‘Bureau’’ and ‘‘Administrator’’ for ‘‘Director’’ wher- ever appearing. 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. § 1772. Territorial application of chapter The provisions of this chapter shall apply to the several States, the District of Columbia, the several Territories, including the trust terri- tories, and possessions of the United States, the Panama Canal Zone, and the Commonwealth of Puerto Rico. (June 26, 1934, ch. 750, title I, § 126, formerly § 22, as added July 31, 1946, ch. 711, § 7, 60 Stat. 745; amended May 8, 1952, ch. 245, 66 Stat. 66, renum- bered § 27 and amended Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 638; renumbered title I, § 126, Pub. L. 91–468, § 1(2), Oct. 19, 1970, 84 Stat. 994; amended Pub. L. 93–383, title VII, § 726, Aug. 22, 1974, 88 Stat. 720.) Editorial Notes REFERENCES IN TEXT For definition of Canal Zone, referred to in text, see section 3602(b) of Title 22, Foreign Relations and Inter- course. AMENDMENTS 1974—Pub. L. 93–383 inserted reference to trust terri- tories. 1959—Pub. L. 86–354 provided for application of chap- ter to the States, the District of Columbia, the Terri- tories and possessions of the United States and Puerto Rico and struck out specific reference to the Virgin Is- lands. 1952—Act May 8, 1952, amended section to extend pro- visions of this chapter to the Virgin Islands. § 1772a. Gifts; acceptance of conditional gifts; de- posit The Board is authorized to accept gifts of money made unconditionally by will or other- wise 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 con- ditions, 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 for the purpose of mak- ing 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 Admin- istration and may be expended in accordance with section 1755 of this title or as provided in the preceding sentence. (June 26, 1934, ch. 750, title I, § 127, formerly § 28, as added Pub. L. 90–375, § 3, July 5, 1968, 82 Stat. 285; amended Pub. L. 91–206, § 2(1), (3), Mar. 10, 1970, 84 Stat. 49; renumbered title I, § 127, 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.) Editorial Notes AMENDMENTS 1978—Pub. L. 95–630 substituted ‘‘Board’’ for ‘‘Admin- istrator’’ in two places, and ‘‘it may expend’’ for ‘‘he may expend’’. 1970—Pub. L. 91–206 substituted ‘‘Administrator’’ for ‘‘Director’’ and ‘‘Administration’’ for ‘‘Bureau’’ wher- ever appearing. 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.