Missouri Revised Statutes













Chapter 370

Credit Unions

←370.352

Section 370.353.1

370.354→

August 28, 2015

Submission of plan to meeting of members or shareholders--notice.

370.353. 1. The board of directors of the merging credit union or

credit unions, upon approving the plan of merger or consolidation, shall

direct, by a resolution, that the plan be submitted at a meeting of the

members or shareholders, which may be either an annual or special meeting.

Notice of the meeting shall be mailed or delivered to each member not more

than thirty days and not less than fourteen days prior to the meeting. All

members shall be given the opportunity to vote on the plan of merger or

consolidation at a meeting or by written or electronic ballot received no

later than the date and time announced for the meeting. All members should

be provided the opportunity to vote, without being required to attend the

meeting where the proposition is voted on. The notice, whether the meeting

is an annual or special meeting, shall state the place, day, hour, and

purpose of the meeting, and a copy or summary of the plan of merger or plan

of consolidation shall be included in or enclosed with the notice. The

board of directors of the surviving credit union named in any such plan of

merger need not submit the merger plan to its members but shall, instead,

ratify such merger plan according to the procedure stated in section

370.351.



2. In the case of a consolidation, the board of directors of each

credit union party to such plan of consolidation must submit the plan of

consolidation to its members according to the procedure described in

subsection 1 of this section.



3. The director may waive any membership meeting required under

subsections 1 and 2 of this section upon the request of the board of

directors of any of the merging or consolidating credit unions if the

credit union seeking the waiver is in financial difficulty, if its field of

membership is being lost or substantially reduced, or if it has only

limited potential of growth.



(L. 1955 p. 254, A.L. 1982 H.B. 1099, A.L. 2011 S.B. 306)





1991



1991



370.353. 1. The board of directors of the merging credit union or credit

unions, upon approving the plan of merger or consolidation, shall direct, by

a resolution, that the plan be submitted at a meeting of the members or

shareholders, which may be either an annual or special meeting. Notice of

the meeting shall be given as provided in the bylaws of each credit union

affected, or by letter addressed to the last known address, as reflected on

the books of the credit union, to each member or shareholder thereof. The

notice, whether the meeting is an annual or special meeting, shall state the

place, day, hour, and purpose of the meeting, and a copy or summary of the

plan of merger or plan of consolidation shall be included in or enclosed with

the notice. The board of directors of the surviving credit union named in any

such plan of merger need not submit the merger plan to its members but shall,

instead, ratify such merger plan according to the procedure stated in section

370.351.







2. In the case of a consolidation, the board of directors of each credit

union party to such plan of consolidation must submit the plan of

consolidation to its members according to the procedure described in

subsection 1 of this section.







3. The director may waive any membership meeting required under

subsections 1 and 2 of this section upon the request of the board of

directors of any of the merging or consolidating credit unions if the credit

union seeking the waiver is in financial difficulty, if its field of

membership is being lost or substantially reduced, or if it has only limited

potential of growth.







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