§ 6-06-36 — Merger

Any credit union chartered under this chapter or under Act of Congress may merge under
rules and regulations established by the state credit union board. A federal credit union
proposing to merge into a state-chartered credit union shall grant the commissioner
discretionary authority to conduct an examination. The commissioner shall set fees for such
examination at an hourly rate sufficient to cover all reasonable expenses of the department of
financial institutions associated with the examination. Fees must be collected by the
commissioner, transferred to the state treasurer, and deposited in the financial institutions
regulatory fund. The secretary of state shall charge a fee of fifty dollars for all services in
connection with a merger authorized by the state credit union board, including filing of a
certificate of organization or bylaws, and issuing or canceling charters.

Upon approval by the state credit union board of a merger application under this section,
the former main office and facilities of the credit union merged will become branches of the
continuing credit union and the continuing credit union is not required to file an application for
any branches acquired in the merger transaction.