---
kind: "section"
citation: "12 U.S.C. § 1774"
title: "12"
title_heading: "Banks and Banking"
number: "1774"
heading: "Approval of certificate; assets and obligations of applicant credit union"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/1774"
units:
  - "Chapter 14 — Federal Credit Unions"
  - "Subchapter I — General Provisions"
---

# §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](/usc/12/5481.md?p=7) union 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](/usc/12/5481.md?p=7) union to the same extent as though the conversion had not taken place.


## 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.)

## Notes

### 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 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.