1106 - Supervisory mergers or consolidations by department.
§ 1106. Supervisory mergers or consolidations by department. Notwithstanding any other provision of this title, the department may require a merger or consolidation of a credit union which is insolvent or is in danger of insolvency with any other credit union, Federal credit union or out-of-State credit union or may authorize a credit union to purchase any of the assets of, or assume any of the liabilities and capital of, any other credit union, Federal credit union or out-of-State credit union if the department is satisfied that: (1) an emergency requiring expeditious action exists with respect to such a credit union; (2) other alternatives are not reasonably available; and (3) the public interest would best be served by approval of such merger, consolidation, purchase or assumption. (Dec. 9, 2002, P.L.1572, No.207, eff. 60 days)