§ 487. Conversion of a credit union into a federal credit union. Any\ncredit union may convert itself into a federal credit union. A meeting\nof the shareholders of the credit union shall be held upon not less than\nten days' written notice to each shareholder, either served personally\nor mailed to him or her at his or her last known address and containing\na statement of the time, place and purpose of such meeting. Proof by\naffidavit of due service of such notice shall be filed in the office of\nthe credit union before or at the time 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 the\nconversion of such credit union into a federal credit union. A copy of\nthe minutes of such m
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§ 487. Conversion of a credit union into a federal credit union. Any\ncredit union may convert itself into a federal credit union. A meeting\nof the shareholders of the credit union shall be held upon not less than\nten days' written notice to each shareholder, either served personally\nor mailed to him or her at his or her last known address and containing\na statement of the time, place and purpose of such meeting. Proof by\naffidavit of due service of such notice shall be filed in the office of\nthe credit union before or at the time 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 the\nconversion of such credit union into a federal credit union. A copy of\nthe minutes of such meeting, certified by the presiding officer and by\nthe secretary of the meeting, shall be filed in the office of the\nsuperintendent within two days thereafter.\n Within sixty days after the date of such meeting, or such later date\nas the superintendent in his discretion may determine, the credit union\nshall take such action, in the manner prescribed or authorized by the\nlaws of the United States, as shall make it a federal credit union and\nshall thereupon file in the office of the superintendent a copy of the\ncharter or authorization issued to it. Upon such filing the credit union\nshall cease to be a corporation under the laws of this state, except\nthat its corporate existence shall continue for the purpose of\nprosecuting or defending suits and of enabling it to wind up its affairs\nas a state credit union and to dispose of and convey its property. At\nthe time when such conversion becomes effective, all of the property of\nthe state credit union shall immediately by act of law and without any\nconveyance or transfer become the property of the federal credit union\nand the federal credit union shall thereupon succeed to all the rights,\nobligations and relations of the state credit union.\n