Voluntary dissolution.
1. At a meeting called to consider dissolution, the membership may vote to dissolve a credit union if notice of the meeting is mailed to the members at least 10 days prior thereto. Any member who is not present at the meeting may, within 20 days after the meeting, vote by signing a form furnished by the Division and filing the form with the secretary of the credit union. An affirmative vote of a majority of the members who vote at the meeting or by filing the form is required to dissolve the credit union.
2. If the members vote to dissolve, the credit union shall, except for the purpose of liquidation, cease its business operations immediately.
3. The chairman shall, within 5 days after an affirmative vote to dissolve the credit union, notify the Division by mail of the credit union’s intention to liquidate and include with the notice a list of the names and addresses of the directors and officers.
Last modified: February 26, 2006