---
kind: "range"
citation: "12 U.S.C. §§ 1773–1775"
title: "12"
from: "1773"
to: "1775"
count: 3
release: "119-102"
url: "https://uscodex.org/usc/12/1773..1775"
---

# §1773. District of Columbia credit unions; conversion to Federal status


Any [credit union](/usc/12/3423.md?p=a-1-E) organized under the District of Columbia Credit Unions Act, as amended, may apply for conversion into a [Federal credit union](/usc/12/1752.md?p=1) by filing with the National [Credit Union](/usc/12/3423.md?p=a-1-E) [Administration](/usc/12/1752.md?p=3) [Board](/usc/12/1752.md?p=4) (in [sections 1773 to 1775](/usc/12/1773..1775.md) of this title referred to as the [Board](/usc/12/1752.md?p=4)), pursuant to a resolution adopted by a majority of its [directors](/usc/12/2279bb.md?p=3), an organization certificate meeting the requirements of [section 1753 of this title](/usc/12/1753.md).


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


The [Board](/usc/12/1752.md?p=4) shall approve any such organization certificate meeting such requirements. Upon such approval, the applicant [credit union](/usc/12/3423.md?p=a-1-E) shall become a [Federal credit union](/usc/12/1752.md?p=1), and shall be vested with all of the assets and shall continue responsible for all of the obligations of such applicant [credit union](/usc/12/3423.md?p=a-1-E) to the same extent as though the conversion had not taken place.


# §1775. Conditions upon conversion to Federal status


Any District of Columbia [credit union](/usc/12/3423.md?p=a-1-E) converting into a [Federal credit union](/usc/12/1752.md?p=1) in accordance with [sections 1773 to 1775](/usc/12/1773..1775.md) of this title shall thereupon be subject to the limitations, vested with the powers, and charged with the liabilities conferred and imposed by the Federal Credit Union Act [[12 U.S.C. 1751](/usc/12/1751.md) et seq.] upon [credit unions](/usc/12/3423.md?p=a-1-E) organized thereunder, except that—

- (1) no fee shall be imposed upon a [credit union](/usc/12/3423.md?p=a-1-E) converting pursuant to [sections 1773 to 1775](/usc/12/1773..1775.md) of this title as an incident to its conversion;
- (2) any loan or investment made by a [credit union](/usc/12/3423.md?p=a-1-E) converting pursuant to [sections 1773 to 1775](/usc/12/1773..1775.md) 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 the Federal Credit Union Act and is still outstanding at the time of conversion, shall be liquidated at or before its maturity or, if it has no [maturity date](/usc/12/1707.md?p=c), in a prudent manner and within a reasonable period of time;
- (3) a [credit union](/usc/12/3423.md?p=a-1-E) converting pursuant to [sections 1773 to 1775](/usc/12/1773..1775.md) of this title shall submit proposed bylaws to the [Board](/usc/12/1752.md?p=4) for the [Board](/usc/12/1752.md?p=4)’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 the Federal Credit Union Act shall be deemed null and void.