12 U.S. Code § 1775 - Conditions upon conversion to Federal status
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Any District of Columbia credit union converting into a Federal credit union in accordance with sections 1773 to 1775 of this title shall thereupon be subject to the limitations, vested with the powers, and charged with the liabilities conferred and imposed by this chapter upon credit unions organized thereunder, except that—
(1) no fee shall be imposed upon a credit union converting pursuant to sections 1773 to 1775 of this title as an incident to its conversion;
(2) any loan or investment made by a credit union converting pursuant to sections 1773 to 1775 of this title in conformity with the District of Columbia Credit Unions Act prior to its conversion, which does not conform to the requirements of this chapter and is still outstanding at the time of conversion, shall be liquidated at or before its maturity or, if it has no maturity date, in a prudent manner and within a reasonable period of time;
(3) a credit union converting pursuant to sections 1773 to 1775 of this title shall submit proposed bylaws to the Board for the Board’s approval after its conversion, but not later than thirty days following its next annual meeting or six months after August 1, 1964, whichever is later: Provided, That any existing bylaw inconsistent with any other requirements of this chapter shall be deemed null and void.
Source(Pub. L. 88–395, § 3,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.)
References in Text
The District of Columbia Credit Unions Act, referred to in text, was repealed by Pub. L. 88–395, § 4,Aug. 1, 1964, 78 Stat. 377.
Section was not enacted as part of the Federal Credit Union Act which comprises this chapter.
Transfer of Functions
“Board” and “the Board’s”, meaning the National Credit Union Administration Board, substituted in par. (3) for “Director” and “his”, respectively, meaning Director of Bureau of Federal Credit Unions, pursuant to section 3 ofPub. L. 91–206and section 501 ofPub. L. 95–630[12 U.S.C. 1752a] which transferred functions of Bureau of Federal Credit Unions, and Director thereof, to National Credit Union Administration and vested authority for management of Administration in National Credit Union Administration Board.
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