(1) Any credit union chartered in this state may, with the approval of the Director of the Department of Consumer and Business Services, merge with another credit union under the existing charter of the other credit union pursuant to any plan agreed upon by the majority of each board of directors of each credit union joining in the merger and approved by the affirmative vote of a majority of the members of the merging credit union voting at a meeting of its members duly called for such purpose.
(2) After agreement by the directors and approval by the members of the merging credit union, the president and secretary of the credit union shall execute a certificate of merger, which shall set forth all of the following:
(a) The time and place of the meeting of the board of directors at which the plan was agreed upon.
(b) The vote in favor of the adoption of the plan.
(c) A copy of the resolution or other action by which the plan was agreed upon.
(d) The time and place of the meeting of the members at which the plan agreed upon was approved.
(e) The vote by which the plan was approved by the members.
(3) The certificate and a copy of the plan of merger agreed upon shall be forwarded to the director, certified by the director and returned to the continuing credit union within 30 days.
(4) Upon return of the certificate from the director, all property, property rights and membersí interest of the merged credit union shall vest in the continuing credit union without deed, indorsement or other instrument of transfer, and all debts, obligations and liabilities of the merged credit union shall be deemed to have been assumed by the continuing credit union under whose charter the merger was affected. The rights and privileges of the members of the merged credit union shall remain intact.
(5) This section shall be construed, whenever possible, to permit a credit union chartered under the laws of any other state or of the United States to merge with one chartered under the laws of this state, or to permit one chartered under the laws of this state to merge with one chartered under the laws of any other state or of the United States. [1975 c.652 §71; 1999 c.185 §51]Section: Previous 723.631 723.632 723.636 723.642 723.646 723.672 723.676 723.682 723.686 723.702 723.706 723.712 723.716 723.730 723.752 Next
Last modified: August 7, 2008