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.
Pub. L. 88–395, § 278 Stat. 377Pub. L. 91–206, § 384 Stat. 49Pub. L. 95–630, title V, § 50192 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
section 3 of Pub. L. 91–206section 501 of Pub. L. 95–63012 U.S.C. 1752a“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.