An Act to repeal the District of Columbia Credit Unions Act, to convert credit unions incorporated under the provisions of the act to Federal credit unions, and for other purposes
PL 88-395 (H.R.8313), enacted 08/01/1964

78 STAT. ] 
PUBLIC LAW 88-395-AUG.l, 1964 
377 
ill accordance with the provisions of an agreement or agreements for 
cooperation between the Government of the United States and the 
Community entered into pursuant to the provisions of section 123 of 
the Atomic Energy Act of 1954, as amended: Provided^ That the 
Government of the United States obtains the equivalent of a first lien 
on any such material sold to the Community for which payment is not 
made in full at the time of transfer." 
Approved August 1, 1964. 
42 u s e 2153. 
Public Law 88-395 
AN ACT 
To repeal the District of Columbia Credit Unions Act, to convert credit unions 
incorporated under the provisions of the Act to Federal credit unions, and for 
other purposes. 
August 1, 1964 
[H. R. 8313] 
Be it enacted by the Sewite and Houne of RepreserUatives of the 
United /States of America in Congress assembled, That any credit 
union organized under the District of Columbia Credit Unions Act 
(47 Stat. 326), as amended, may apply for conversion into a Federal 
credit union by filing with the Director of the Bureau of Federal 
Credit Unions (hereinafter referred to as the Director), pursuant to 
a resolution adopted by a majority of its directors, an organization 
certificate meeting the requirements of section 4 of the Federal Credit 
Union Act (12 U.S.C. 1753), as amended. 
SEC. 2. The Director shall approve any such organization certificate 
meeting such requirements. 
ITpon 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 ob-
ligations of such applicant credit union to the same extent as though 
the conversion had not taken place. 
SEC. 3. Any District of Columbia credit union converting into a 
Federal credit union in accordance with this Act 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 upon credit unions organized thereunder, except that— 
(1) no fee shall be imposed upon a credit union converting 
pursuant to this Act as an incident to its conversion; 
(2) any loan or investment made by a credit union convert-
ing pursuant to tliis Act 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, 
in a prudent manner and within a reasonable period of time; 
and 
(3) a credit union converting pursuant to this Act shall submit 
propoped bylaws to the Director for his approval after its con-
version, but not later than thirty days following its next 
annual meeting or six months after the enactment of this Act, 
whichever is later: Provided, 
That any existing bylaw incon-
sistent with any other requirements of the Federal Credit l^nion 
Act shall be deemed null and void. 
SE(\ 4. P^fTective thirty days after enactment of this Act, the 
District of Columbia Oedit I'nions Act (47 Stat. 326), as amended, 
is repealed and all organization certificates issued thereunder and 
still m force are revoked. 
Approved August 1, 1964. • 
D.C. credit 
unions. 
Conversion to 
Federal status. 
D.C. Code 
26-501. 
73 Stat. 628. 
Approval. 
Conditions. 
12 u s e 1751. 
Repeal.