12 U.S.C. § 1769 — Separability; right to alter, amend, or re-

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 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 con- tained shall prevent holdings in any Federal credit union organized hereunder from being in- cluded in the valuation of the personal property of the owners or holders thereof in assessing taxes imposed by authority of the State or polit- ical 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. (June 26, 1934, ch. 750, title I, § 122, formerly § 18, 48 Stat. 1222; Dec. 6, 1937, ch. 3, § 4, 51 Stat. 4; re- numbered § 23 and amended Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 637; renumbered title I, § 122, Pub. L. 91–468, § 1(2), Oct. 19, 1970, 84 Stat. 994.) Editorial Notes AMENDMENTS 1959—Pub. L. 86–354 substituted ‘‘but’’ for ‘‘Provided, however, That’’ and inserted ‘‘a’’ before ‘‘tax’’. 1937—Act Dec. 6, 1937, inserted tax exemption provi- sion, the real and tangible personal property proviso, provided that responsibility of tax collection would not be imposed upon Federal credit unions, and that tax rate would not exceed that of domestic credit unions. § 1769. Separability; right to alter, amend, or re- peal chapter (a) If any provision of this chapter, or the ap- plication 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 chap- ter, is expressly reserved. (June 26, 1934, ch. 750, title I, § 123, formerly § 24, as added Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 637; renumbered title I, § 123, Pub. L. 91–468, § 1(2), Oct. 19, 1970, 84 Stat. 994.) Editorial Notes PRIOR PROVISIONS A prior section 1769, act June 26, 1934, ch. 750, § 19, 48 Stat. 1222, made available not more than $50,000 of the funds available to the Governor of the Farm Credit Ad- ministration, under former section 1404 of this title, for administrative expenses in administering this chapter, prior to the amendment of act June 26, 1934, by Pub. L. 86–354. Provisions similar to those comprising this section were contained in section 20 of act June 26, 1934, ch. 750, 48 Stat. 1222 (formerly classified to section 1770 of this title), prior to the amendment and renumbering of act June 26, 1934, by Pub. L. 86–354. § 1770. Allotment of space in Federal buildings or Federal land Notwithstanding any other provision of law, upon application by any credit union organized under State law or by any Federal credit union organized in accordance with the terms of this chapter, which application shall be addressed to the officer or agency of the United States charged with the allotment of space on lands re- served for the use of, and under the exclusive or concurrent jurisdiction of, the United States or in the Federal buildings in the community or district in which such credit union does busi- ness, such officer or agency may in his or its dis- cretion lease land or allot space to such credit union without charge for rent or services if at least 95 percent of the membership of the credit union to be served by the allotment of space or the facility built on the lease land is composed of persons who either are presently Federal em- ployees or were Federal employees at the time of admission into the credit union, and members of their families, and if space is available. For the purpose of this section, the term ‘‘services’’ includes, but is not limited to, the providing of lighting, heating, cooling, electricity, office fur- niture, office machines and equipment, tele- phone service (including installation of lines and