§ 31.12.467. Merger or conversion of federal, out-of-state, or foreign to state credit union
(1) A federal credit union located and conducting business in this state may merge or convert into a credit union organized and operating under this chapter.
(2) In the case of a conversion, the board of the federal credit union shall file with the director proposed articles of incorporation and bylaws, as provided by this chapter for organizing a new credit union. If the conversion is approved by the director, the federal credit union becomes a credit union under the laws of this state.
(3) The assets and liabilities of the federal credit union will vest in and become the property of the successor credit union subject to all existing liabilities against the federal credit union. Members of the federal credit union may become members of the successor credit union.
(4) Mergers and conversions are effective after all applicable regulatory waiting periods have expired and upon filing of the federal credit union's articles of merger or articles of conversion, as appropriate, by the secretary of state, or a later date stated in the articles, which in no event may be later than ninety days after the articles are filed.
(5) Procedures, similar to those contained in subsections (1) through (4) of this section, prescribed by the director must be followed when an out-of-state or foreign credit union wishes to merge or convert into a credit union organized and operating under this chapter.
[2001 c 83 § 23; 1997 c 397 § 42; 1994 c 92 § 222; 1984 c 31 § 73. Formerly RCW 31.12.715.]
Sections: Previous 31.12.418 31.12.426 31.12.428 31.12.436 31.12.438 31.12.461 31.12.464 31.12.467 31.12.471 31.12.474 31.12.516 31.12.518 31.12.545 31.12.565 31.12.567 NextLast modified: April 7, 2009