12 U.S.C. § 1774
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 applicant credit union to the same extent as though the conversion had not taken place.
12 U.S.C. § 1774
EDITORIAL NOTES
CODIFICATIONSection 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 Administration Board, substituted in text for "Director", meaning Director of Bureau of Federal Credit Unions, 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 Director thereof, to National Credit Union Administration and vested authority for management of Administration in National Credit Union Administration Board.
- Bureau
- The term "Bureau" means the Bureau of Consumer Financial Protection.
- Director
- The term "Director" means the Director of the Bureau.
- credit
- The term "credit" means the right granted by a person to a consumer to defer payment of a debt, incur debt and defer its payment, or purchase property or services and defer payment for such purchase.