§ 23-35-703 — Voluntary dissolution

A credit union may elect to dissolve voluntarily and wind up its affairs in the following manner: (1) The board of directors of the credit union shall adopt a resolution recommending that the credit union be dissolved voluntarily and directing that the question of dissolution be submitted to a regular or special meeting of the members; (2) After the adoption of the resolution to voluntarily dissolve, no receipts shall be accepted nor withdrawals permitted from its share or deposit accounts, nor shall any loans be made nor any dividends declared nor paid pending final determination by its membership on the voluntary dissolution; (3) At a meeting called to consider the matter, a majority of the entire membership may vote to dissolve the credit union, provided a notice of the meeting was mailed to the members of the credit union at least ten (10) days prior thereto. Any member not present at the meeting may, within the next twenty (20) days, vote in favor of dissolution by signing a statement in a form approved by the State Credit Union Supervisor, and the vote shall have the same force and effect as if cast at the meeting; (4) The credit union shall thereupon immediately cease to do business, except for the purpose of liquidation; and (5) The president and the secretary of the credit union shall, within five (5) days following the meeting, notify the supervisor of intention to liquidate and shall include a list of the names and addresses of the directors and officers of the credit union.

Legislative History

Acts 1971, No. 132, § 38; A.S.A. 1947, § 67-938.