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12 USC § 1774 - Approval of certificate; assets and obligations of applicant credit union 

---
identifier: "/us/usc/t12/s1774"
source: "usc"
legal_status: "official_prima_facie"
title: "12 USC § 1774 - Approval of certificate; assets and obligations of applicant credit union"
title_number: 12
title_name: "BANKS AND BANKING"
section_number: "1774"
section_name: "Approval of certificate; assets and obligations of applicant credit union"
chapter_number: 14
chapter_name: "FEDERAL CREDIT UNIONS"
subchapter_number: "I"
subchapter_name: "GENERAL PROVISIONS"
positive_law: false
currency: "119-84"
last_updated: "2026-04-17"
format_version: "1.1.0"
generator: "[email protected]"
source_credit: "(Pub. L. 88–395, § 2, 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.)"
---

# § 1774. Approval of certificate; assets and obligations of applicant credit union

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.

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**Source Credit**: (Pub. L. 88–395, § 2, 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.)

## Editorial Notes

### Codification

Section 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  and  [] 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.