The organization certificate shall be presented to the Board for approval. Before any organization certificate is approved, an appropriate investigation shall be made for the purpose of determining (1) whether the organization certificate conforms to the provisions of this chapter; (2) the general character and fitness of the subscribers thereto; and (3) the economic advisability of establishing the proposed Federal credit union. Upon approval of such organization certificate by the Board it shall be the charter of the corporation, and one of the originals thereof shall be delivered to the corporation after the payment of the fee required therefor. Upon such approval the Federal credit union shall be a body corporate and as such, subject to the limitations herein contained, shall be vested with all of the powers and charged with all of the liabilities conferred and imposed by this chapter upon corporations organized hereunder.
Notes of Decisions
Am. Bankers Ass'n v. Nat'l Credit Union Admin., 934 F.3d 649 (D.C. Cir. 2019).
“The NCUA must assess the "economic advisability of establishing" the proposed credit union before approving it, 12 U.S.C. § 1754 , and as part of the assessment, the organizers must propose a "realistic" business plan showing how the institution and its branches would serve all…”
Navy Fed. Credit Union v. LTD, 368 F. Supp. 3d 889 (E.D. Va. 2019).
“See 12 U.S.C. § 1754 (stating that upon approval by the board of a federally chartered credit union, the credit union's certificate "shall be the charter of the corporation" and that upon such approval "the Federal credit union shall be a body corporate and as such .”
United States v. State of Michigan, 851 F.2d 803 (6th Cir. 1988).
“Few such enterprises, however, have the following features: that they owe their very existence to an act of Congress; that their organization certificates must satisfy the requirements of a specific federal statute, 12 U.S.C. § 1754 ; that their scope and purpose is defined by…”
Am. Bankers Ass'n v. Nat'l Credit Union Admin., 513 F. Supp. 2d 190 (M.D. Penn. 2007).
· cites it 2× “Rather, de novo review can only be available in this case if the NCUA’s factfinding procedures are inadequate to fulfill the statutory obligation to conduct an “appropriate investigation” as required by 12 U.S.C. § 1754 . The Banks allege that the NCUA’s investigation was…”
Robinson v. United States, 210 F.2d 29 (D.C. Cir. 1954).
“1217, 12 U.S.C.A. § 1754 . 9 . Notes of Advisory Committee, Rule 14, F.”
Nat'l All. of Postal & Fed. Employees v. Nickerson, 424 F. Supp. 323 (D.D.C. 1976).
· cites it 2× “12 U.S.C. § 1754 . “Federal credit union membership shall consist of the incorporators and such other persons and incorporated and unincorporated organizations, to the extent permitted by rules and regulations prescribed by the Administrator .”
Herbert v. Nat'l Credit Union Admin. Bd., 663 F. Supp. 833 (E.D. Mo. 1987).
· cites it 5× “" 12 U.S.C. § 1754 . If the NCUAB approves the "organization certificate," it becomes the charter of the Federal credit union.”
United States v. Maine, 524 F. Supp. 1056 (D. Me. 1981).
“3 12 U.S.C. § 1754 (chartering); id. §§ 1751-90 and 12 C.”
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