§ 19-5-23. Conversion.
(a) A credit union may be converted into a federal credit union, and a federal credit
union may be converted into a credit union, by complying with all the requirements
of applicable federal and state law.
(b) A federal credit union shall become a credit union when its agreement to form has
been approved by the director, or the director's designee, under this chapter and
when it has filed a copy of its agreement to form with the national credit union administration
and complied with all other requirements of federal law.
(c) A credit uni
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§ 19-5-23. Conversion.
(a) A credit union may be converted into a federal credit union, and a federal credit
union may be converted into a credit union, by complying with all the requirements
of applicable federal and state law.
(b) A federal credit union shall become a credit union when its agreement to form has
been approved by the director, or the director's designee, under this chapter and
when it has filed a copy of its agreement to form with the national credit union administration
and complied with all other requirements of federal law.
(c) A credit union shall become a federal credit union upon the granting of a federal
credit union charter to it and the completion of all other requirements of federal
law necessary to be completed to become an operating federal credit union, and upon
the filing with the director, or the director's designee, a certified vote of the
majority of the credit union members present at a meeting called, in accordance with
the credit union's bylaws, for the purpose of considering a conversion to a federal
charter. The converting credit union shall then file with the director, or the director's
designee, a certified copy of the federal credit union charter and shall surrender
its copy of its agreement to form, or file proof that the agreement to form has been
lost.