§ 370.352 — Consolidation into new credit union — directors to approve plan.

Missouri § 370.352

• Jurisdiction: Missouri
• Title XXIV: BUSINESS AND FINANCIAL INSTITUTIONS
• Ch. 370: Credit Unions

Text

1.  Any two or more credit unions organized under the laws of the state of Missouri, or any credit union organized under the laws of any other state or of the United States and formed for a purpose for which a credit union might be formed under the laws of the state of Missouri may consolidate into a new credit union.

2.  The board of directors of each credit union, by resolution adopted by a majority vote of the members of such board, shall approve a plan of consolidation setting forth:

(1)  The names of the credit unions proposing to consolidate and the name of the new credit union into which they propose to consolidate, which is hereinafter designated as the "new credit union";

(2)  The terms and conditions of the proposed consolidation and the mode of carrying the same into effect;

(3)  The manner and basis of converting the membership shares, assets and liabilities of each credit union into membership shares or assets and liabilities of the new credit union;

(4)  With regard to the new credit union, all of the statements required to be set forth in the articles of agreement and the bylaws for credit unions;

(5)  Such other provisions with regard to the proposed consolidation as are deemed necessary or desirable.

Legislative History

(L. 1955 p. 254, A.L. 1982 H.B. 1099, A.L. 1988 H.B. 1097)