Section 394-B:53 State to Federal.
A state credit union may be converted into a federal credit union by complying with the following requirements:
I. A majority of the directors of the state credit union shall first approve the proposition for such conversion and set a date for a vote on such conversion by the members, either at a meeting to be held on such date or by written ballot to be filed on or before such date. Written notice of the proposition and of the date set for the vote shall then be delivered in person to each member, or mailed to each member at the address for such member appearing on the records of the credit union, not more than 30 nor less than 7 days prior to such date. Approval of the proposition for conversion shall be by the affirmative vote of a majority of the members of the credit union who vote on the proposal. The written notice of the proposition shall in bold face type state that the issue will be decided by a majority of the members who vote.
II. A statement of the results of the vote, verified by the affidavits of the president or vice president and the clerk, shall be filed with the bank commissioner within 10 days after the vote is taken.
III. Promptly after the vote is taken and in no event later than 90 days thereafter, if the proposition for conversion was approved by such vote, the credit union shall take such action as may be necessary under the applicable federal law to make it a federal credit union, and within 10 days after receipt of the federal credit union charter shall file with the bank commissioner a copy of the charter so issued. Upon such filing, the credit union shall cease to be a state credit union.
IV. Upon ceasing to be a state credit union, such credit union shall no longer be subject to any of the provisions of this chapter. The successor federal credit union shall be vested with all of the assets and shall continue responsible for all of the obligations of the state credit union to the same extent as though the conversion had not taken place.
Source. 1983, 195:1. 1986, 32:1, eff. June 28, 1986.