370.359. Conversion from state to federal or federal to state credit union, procedure.
Conversion from state to federal or federal to state credit union,procedure.
370.359. 1. A credit union holding a certificate oforganization under the laws of this state may be converted into afederal credit union under the laws of the United States bycomplying with the following requirements:
(1) The proposition for the conversion shall first beapproved, and a date set for a vote thereon by the members,either at a meeting to be held on the date or by written ballotto be filed on or before the date, by a majority of the directorsof the state credit union. Written notice of the proposition andof the date set for the vote shall then be delivered in person toeach member, or mailed to each member at the address for themember appearing on the records of the credit union, not morethan thirty nor less than seven days prior to the date. Approvalof the proposition for conversion shall be by the affirmativevote of a majority of the members, in person or in writing.
(2) A statement of the results of the vote, verified by theaffidavits of the president or vice president and the secretary,shall be filed with the director of the division of credit unionsand the secretary of state within ten days after the vote istaken.
(3) Promptly after the vote is taken and in no event laterthan ninety days thereafter, if the proposition for conversionwas approved by the vote, the credit union shall take such actionas may be necessary under the United States law to make it afederal credit union, and within ten days after receipt of thefederal credit union charter there shall be filed with thesecretary of state and the director of the division of creditunions, a copy of the charter thus issued. Upon filing, thecredit union shall cease to be a state credit union.
(4) Upon ceasing to be a state credit union, the creditunion shall no longer be subject to any of the provisions of thischapter. The successor federal credit union shall be vested withall of the assets and shall continue responsible for all theobligations of the state credit union to the same extent asthough the conversion had not taken place.
2. A federal credit union, organized under the laws of theUnited States, may be converted into a state credit union by:
(1) Complying with all federal requirements requisite toenabling it to convert to a state credit union;
(2) Filing with the director of the division of creditunions proof of the compliance, satisfactory to him; and
(3) Filing with the director of the division of creditunions a certificate of organization as required by this chapter.
3. When the director of the division of credit unions hasbeen satisfied that all of these requirements, and all otherrequirements of this chapter, have been complied with, he shallapprove the organization certificate, a copy of which shall befiled with the secretary of state. Upon approval, the federalcredit union shall become a state credit union as of the date itceases to be a federal credit union. The state credit unionshall be vested with all of the assets and shall continueresponsible for all of the obligations of the federal creditunion to the same extent as though the conversion had not takenplace.
(L. 1967 p. 509, A.L. 1972 S.B. 502)