§ 351. Conversion authorized.
(a) Domestic converting associations.--Except as provided in section 318 (relating to excluded entities and transactions) or this section, by complying with this chapter:
(1) A domestic entity may become a domestic entity of a different type or a domestic banking institution.
(2) A domestic banking institution may become a domestic association of a different type.
(3) A domestic entity may become a foreign association of a different type, if the conversion is authorized by the laws of the foreign jurisdiction.
(b) Foreign converting associations.--By complying with the applicable provisions of this subchapter, a foreign association may become a domestic entity of a different type if the conversion is authorized by the laws of the jurisdiction of formation of the foreign association.
(c) Protected governance agreements.--If a protected governance agreement that is binding on a domestic entity immediately before the effectiveness of a transaction under this chapter contains a provision that applies to a merger of the entity but does not refer to a conversion, the provision shall apply to a conversion of the entity as if the conversion were a merger until the provision is amended after July 1, 2015.
(d) Exceptions.--This subchapter may not be used to accomplish a transaction that has the same effect as a transaction under any of the following provisions:
(1) Section 7104 (relating to election of an existing business corporation to become a cooperative corporation).
(2) Section 7105 (relating to termination of status as a cooperative corporation for profit).
(3) Section 7106 (relating to election of an existing nonprofit corporation to become a cooperative corporation).
(4) Section 7107 (relating to termination of nonprofit cooperative corporation status).
(e) Cross reference.--See section 314 (relating to regulatory conditions and required notices and approvals).
Cross References. Section 351 is referred to in section 1106 of this title.
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