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This entry was published on 2014-09-22
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Conversion of a credit union into a federal credit union
§ 487. Conversion of a credit union into a federal credit union. Any
credit union may convert itself into a federal credit union. A meeting
of the shareholders of the credit union shall be held upon not less than
ten days' written notice to each shareholder, either served personally
or mailed to him or her at his or her last known address and containing
a statement of the time, place and purpose of such meeting. Proof by
affidavit of due service of such notice shall be filed in the office of
the credit union before or at the time of such meeting.

At such meeting, a majority of the shareholders represented at the
meeting may, by an affirmative vote in person or by proxy, authorize the
conversion of such credit union into a federal credit union. A copy of
the minutes of such meeting, certified by the presiding officer and by
the secretary of the meeting, shall be filed in the office of the
superintendent within two days thereafter.

Within sixty days after the date of such meeting, or such later date
as the superintendent in his discretion may determine, the credit union
shall take such action, in the manner prescribed or authorized by the
laws of the United States, as shall make it a federal credit union and
shall thereupon file in the office of the superintendent a copy of the
charter or authorization issued to it. Upon such filing the credit union
shall cease to be a corporation under the laws of this state, except
that its corporate existence shall continue for the purpose of
prosecuting or defending suits and of enabling it to wind up its affairs
as a state credit union and to dispose of and convey its property. At
the time when such conversion becomes effective, all of the property of
the state credit union shall immediately by act of law and without any
conveyance or transfer become the property of the federal credit union
and the federal credit union shall thereupon succeed to all the rights,
obligations and relations of the state credit union.