§874. Conversion: State to federal charter






A credit union organized under the general or special laws of this State may convert
to a federally chartered credit union. The credit union must notify and provide the superintendent with a copy of the application
filed with the National Credit Union Administration within 3 days of filing with the
National Credit Union Administration. Approval of the members of the credit union for the conversion must be obtained
in the manner set forth in section 342, subsection 6. Upon obtaining the approval,
the credit union shall provide to the superintendent all necessary approvals and charters
required by the National Credit Union Administration and all federal laws and regulations
applicable to the conversion. The superintendent shall notify the Secretary of State
that the conversion has been effected. A copy of the approval or charter must accompany
the notification. [2007, c. 79, §11 (AMD).]





SECTION HISTORY

1975, c. 500, §1 (NEW).
1985, c. 647, §10 (AMD).
2003, c. 322, §43 (AMD).
2007, c. 79, §11 (AMD).