12 U.S.C. § 1770 — Allotment of space in Federal buildings or

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 Page 880 TITLE 12—BANKS AND BANKING § 1771 equipment and other expenses associated with telephone service), and security systems (includ- ing installation and other expenses associated with security systems). Where there is an agree- ment for the payment of costs associated with the provision of space or services, nothing in title 31 or any other provision of law, shall be construed to prohibit or restrict payment by re- imbursement to the miscellaneous receipts or other appropriate account of the Treasury. (June 26, 1934, ch. 750, title I, § 124, formerly § 25, as added Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 638; renumbered title I, § 124, Pub. L. 91–468, § 1(2), Oct. 19, 1970, 84 Stat. 994; amended Pub. L. 97–320, title V, § 515, Oct. 15, 1982, 96 Stat. 1530; Pub. L. 97–457, § 27, Jan. 12, 1983, 96 Stat. 2510; Pub. L. 103–160, div. B, title XXVIII, § 2854, Nov. 30, 1993, 107 Stat. 1908; Pub. L. 103–337, div. A, title X, § 1070(b)(12), Oct. 5, 1994, 108 Stat. 2857; Pub. L. 109–351, title V, § 501, Oct. 13, 2006, 120 Stat. 1974.) Editorial Notes PRIOR PROVISIONS A prior section 1770, act June 26, 1934, ch. 750, § 20, 48 Stat. 1222, related to separability of provisions and right to alter, amend, or repeal chapter, prior to the amendment of act June 26, 1934, by Pub. L. 86–354. See section 1769 of this title. Provisions similar to those comprising this section were contained in section 21 of act June 26, 1934, ch. 750, as added July 9, 1937, ch. 471, 50 Stat. 487 (formerly clas- sified to section 1771 of this title), prior to the amend- ment and renumbering of act June 26, 1934, by Pub. L. 86–354. AMENDMENTS 2006—Pub. L. 109–351, in section catchline, inserted ‘‘or Federal land’’ after ‘‘buildings’’ and, in text, sub- stituted ‘‘Notwithstanding any other provision of law, upon application by any credit union’’ for ‘‘Upon appli- cation by any credit union’’ and inserted ‘‘on lands re- served for the use of, and under the exclusive or concur- rent jurisdiction of, the United States or’’ after ‘‘officer or agency of the United States charged with the allot- ment of space’’, ‘‘lease land or’’ after ‘‘such officer or agency may in his or its discretion’’, and ‘‘or the facil- ity built on the lease land’’ after ‘‘credit union to be served by the allotment of space’’. 1994—Pub. L. 103–337 made technical correction to Pub. L. 103–160, § 2854(1). See 1993 Amendment note below. 1993—Pub. L. 103–160, § 2854(2), substituted ‘‘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 is composed of persons who either are presently Federal employees or were Federal employees at the time of ad- mission into the credit union, and members of their families, and if space is available.’’ for ‘‘allot space to such credit union if space is available without charge for rent or services.’’ Pub. L. 103–160, § 2854(1), as amended by Pub. L. 103–337, struck out ‘‘at least 95 per centum of the mem- bership of which is composed of persons who either are presently Federal employees or were Federal employees at the time of admission into the credit union, and members of their families,’’ after ‘‘terms of this chap- ter’’. 1983—Pub. L. 97–457 inserted ‘‘of’’ after ‘‘including in- stallation’’. 1982—Pub. L. 97–320 inserted definition of ‘‘services’’, and provided that where there is an agreement for the payment of costs associated with the provision of space or services, nothing in title 31 or any other provision of law shall be construed to prohibit or restrict payment by reimbursement to the miscellaneous receipts or other appropriate account of the Treasury. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1994 AMENDMENT Pub. L. 103–337, div. A, title X, § 1070(b), Oct. 5, 1994, 108 Stat. 2856, provided that the amendment made by that section is effective as of Nov. 30, 1993, and as if in- cluded in the National Defense Authorization Act for Fiscal Year 1994, Pub. L. 103–160, as enacted. § 1771. Conversion from Federal to State credit union and from State to Federal credit union (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 Ter- ritories 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 ap- pearing 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 major- ity 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 applica- ble 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 credit union shall cease to be a Federal credit union. (4) Upon ceasing to be a Federal credit union, such credit union shall no longer be subject to any of the provisions of this chap- ter. The successor State credit union shall be vested with all of the assets and shall continue responsible for all of the obligations of the Federal credit union to the same extent as though the conversion had not taken place. (b)(1) A State credit union, organized 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, may be con- verted into a Federal credit union by (A) com-