708b.103—Preparation of merger plan.
(a)
Upon the approval of a proposition for merger by the boards of directors of the credit unions, the two credit unions must prepare a plan for the proposed merger that includes:
(2)
Current delinquent loan summaries and analyses of the adequacy of the Allowance for Loan and Lease Losses account;
(3)
Consolidated financial statements, including an assessment of the generally accepted accounting principles (GAAP) net worth of each credit union before the merger and the GAAP net worth of the continuing credit union after the merger;
(8)
Explanation of any changes relative to insurance such as life savings and loan protection insurance and insurance of member accounts;
(9)
Provisions for determining that all assets and liabilities of the continuing credit union will conform with the requirements of the Act (where the continuing credit union is a federal credit union); and
(10)
Proposed charter amendments (where the continuing credit union is a federal credit union). These amendments, if any, will usually pertain to the name of the credit union and the definition of its field of membership.
Code of Federal Regulations
Code of Federal Regulations
Code of Federal Regulations
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