Court Opinions

State Laws

US Code

US Constitution

Conversion into Federal credit union - 17 Pa. Cons. Stat. § 1101

Legal Research Home > Pennsylvania Statutes

                                CHAPTER 11
                   CONVERSION, MERGER AND CONSOLIDATION

     Sec.
     1101.  Conversion into Federal credit union.
     1102.  Conversion from Federal credit union.
     1103.  Merger and consolidation authorized.
     1104.  Adoption of plan.
     1105.  Articles of merger or consolidation.
     1106.  Supervisory mergers or consolidations by department.

        Enactment.  Chapter 11 was added December 19, 1990, P.L.834,
     No.198, effective in two months.
     § 1101.  Conversion into Federal credit union.
        (a)  General rule.--A credit union may be converted into a
     Federal credit union by complying with the following
     requirements:
            (1)  The proposition for such conversion shall first be
        approved by a majority vote of the directors of the credit
        union who shall also set a date for the vote thereon by the
        members. The vote of the members shall be conducted at a
        meeting held on such date, or by written ballot if the bylaws
        so provide to be filed on or before such date. Written notice
        of the proposition and of the date set for the vote shall be
        given each member not more than 30 nor less than ten days
        prior to such date. Approval of the proposition shall be by
        the affirmative vote of a majority of the members voting, in
        person or in writing, either at a meeting of the credit union
        or through a mail ballot vote. In order for a vote to be
        considered valid, there must be a quorum established. In the
        case of a meeting of the credit union, a quorum shall be
        established by the presence of at least 10% of the credit
        union's membership. In the case of a mail ballot vote, a
        quorum shall be established by the written response of at
        least 10% of the credit union's membership.
            (2)  A statement of the result of the vote, certified by
        an officer of the credit union, shall be filed with the
        department within ten days after the vote is taken.
            (3)  Promptly after the vote is taken and in no event
        later than 90 days thereafter, if the proposition for
        conversion was approved, the credit union shall take such
        action as may be necessary under the applicable laws of the
        United States to make it a Federal credit union, and, within
        ten days after receipt of the Federal credit union charter,
        it shall file a copy of the charter thus issued with the
        Department of State which shall furnish a copy thereof to the
        department. Upon such filing with the Department of State,
        the credit union shall no longer be subject to any of the
        provisions of this title. The successor Federal credit union
        shall be vested with all of the assets and shall continue to
        be responsible for all of the obligations of the credit union
        thus converted to the same extent as though the conversion
        had not taken place.
        (b)  Cross reference.--See 15 Pa.C.S. § 134 (relating to
     docketing statement).
     (Dec. 12, 1994, P.L.1067, No.146, eff. 60 days; Dec. 9, 2002,
     P.L.1572, No.207, eff. 60 days)

        2002 Amendment.  Act 207 amended subsec. (a).

Last modified: November 27, 2007