§ 486 — Conversion of a federal credit union into a state credit union

§ 486. Conversion of a federal credit union into a state credit union.\nAny federal credit union having its place of business in this state may\nconvert itself into a state credit union. A meeting of the shareholders\nshall be held upon not less than ten days' written notice to each\nshareholder, either served personally or mailed to him or her at his or\nher last known address and containing a statement of the time, place and\npurpose of such meeting, provided that if the laws of the United States\nprescribe a different period of time or manner of communicating notice\nto each shareholder, then a meeting of the shareholders shall be held in\nconformity with such laws. Proof by affidavit of due service of such\nnotice shall be filed in the office of the credit union before or at the\ntime of such meeting.\n At such meeting, a majority of the shareholders represented at the\nmeeting may, by an affirmative vote, in person or by proxy, authorize\nthe conversion of such federal credit union into a state-chartered\ncredit union, provided that in the event the laws of the United States\nrequire a different affirmative vote, such vote shall apply in lieu of\nthe affirmative vote required hereby. A copy of the minutes of such\nmeeting, certified by the presiding officer and by the secretary of the\nmeeting, shall be filed in the office of the superintendent within\nthirty days after the date of such meeting.\n There shall be filed with such copy of the minutes the organization\ncertificate required by section four hundred fifty of this article,\nexecuted by a majority of the directors, and proposed bylaws as required\nby section four hundred fifty-one of this article. The federal credit\nunion shall also submit a written plan of conversion to the\nsuperintendent, together with an investigation fee as described pursuant\nto section eighteen-a of this chapter.\n Within sixty days after such filing, or such later date as the\nsuperintendent in his discretion may determine, the federal credit union\nshall take the action prescribed or authorized by the laws of the United\nStates to effect such conversion and there shall thereupon be filed in\nthe office of the superintendent a copy of any consent or authorization\nrequired of such federal credit union pursuant to the laws of the United\nStates and the state to effect such conversion.\n When the superintendent shall have approved the organization\ncertificate and the proposed bylaws and shall have issued the\nauthorization certificate, as provided in article two of this chapter,\nthe credit union shall cease to be a federal credit union and shall\nthereupon be converted into a state credit union, but such federal\ncredit union shall be deemed to be continued for the purpose of\nprosecuting or defending suits and of enabling it to wind up its affairs\nas a federal credit union and to dispose of and convey its property.\n At the time when such conversion becomes effective, all the property\nof the federal credit union shall immediately by act of law and without\nany conveyance or transfer become the property of the state-chartered\ncredit union and the state-chartered credit union shall succeed to all\nthe rights, obligations and relations of the federal credit union.\n