Maine § 9-B §872 Mergers and consolidations

Maine Statutes

§ 9-B §872 — Mergers and consolidations

Maine·Title 9-B FINANCIAL INSTITUTIONS·Part 8 CREDIT UNIONS·Ch. 87 DISSOLUTION, MERGERS AND CONVERSIONS

1.Eligibility.

2.Plan and adoption. The merger must be pursuant to a plan agreed upon by a majority of the board of directors of each credit union joining in the merger; and approved by the affirmative vote of a majority of the members voting at meetings, or by proxy at meetings of each credit union called for that purpose or by written consent of the majority of the members of each credit union. If permitted in the credit union's bylaws, members may vote for the merger by means of remote communication, or by mail ballot received by the credit union no later than the date and time announced for the meeting.

3.Compliance. The superintendent shall not approve said merger unless the surviving credit union would be in compliance with all other laws of the State regulating the organization o

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1.
Eligibility.
2.
Plan and adoption.
The merger must be pursuant to a plan agreed upon by a majority of the board of directors of each credit union joining in the merger; and approved by the affirmative vote of a majority of the members voting at meetings, or by proxy at meetings of each credit union called for that purpose or by written consent of the majority of the members of each credit union. If permitted in the credit union's bylaws, members may vote for the merger by means of remote communication, or by mail ballot received by the credit union no later than the date and time announced for the meeting.
3.
Compliance.
The superintendent shall not approve said merger unless the surviving credit union would be in compliance with all other laws of the State regulating the organization of credit unions.
4.
Effective date; certificate.
5.
Effect of merger.
Upon the issuance by the superintendent of a certificate to the surviving credit union, all property rights and interests of the merged credit union vest in the surviving credit union, without deed, endorsement or other instruments of transfer; and all debts, obligations and liabilities of the merged credit unions are assumed by the surviving credit union. Thereafter, the charter of any merged credit union is void, and existence of the merged credit union as a legal entity separate from the surviving credit union terminate. Sections 357 and 358 apply to such mergers.

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