South Carolina § 34-26-1220 Conversion of credit union to organization under laws of another state or United States; requirement of member approval.

South Carolina Statutes

§ 34-26-1220 — Conversion of credit union to organization under laws of another state or United States; requirement of member approval.

South Carolina·Title 34 BANKING, FINANCIAL INSTITUTIONS AND MONEY·Ch. 26 SOUTH CAROLINA CREDIT UNION ACT

(1)A credit union incorporated under the laws of this State may be converted to a credit union organized under the laws of any state or under the laws of the United States, or a credit union organized under the laws of the United States or of any other state may convert to a credit union incorporated under the laws of this State.

(2)To effect such a conversion, a credit union must receive the approval of a majority of the members voting in accordance with the credit union's bylaws on the question of a charter conversion and upon the approval of the credit union's current and future regulator.

(3)The assets and liabilities of the predecessor credit union will vest in and become the property of the successor credit union subject to all existing liabilities against the predecessor credit u

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(1) A credit union incorporated under the laws of this State may be converted to a credit union organized under the laws of any state or under the laws of the United States, or a credit union organized under the laws of the United States or of any other state may convert to a credit union incorporated under the laws of this State. (2) To effect such a conversion, a credit union must receive the approval of a majority of the members voting in accordance with the credit union's bylaws on the question of a charter conversion and upon the approval of the credit union's current and future regulator. (3) The assets and liabilities of the predecessor credit union will vest in and become the property of the successor credit union subject to all existing liabilities against the predecessor credit union. Members of the predecessor credit union may become members of the successor credit union pursuant to this chapter.

South Carolina § 34-26-1220 (Conversion of credit union to organization under laws of another state or United States; requirement of member approval.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

HISTORY: 1996 Act No. 371, SECTION 1, eff May 29, 1996; 2021 Act No. 30 (S.467), SECTION 18, eff May 6, 2021. Effect of Amendment 2021 Act No. 30, SECTION 18, inserted the (1) designator and redesignated the second sentence as (2); in (2), deleted "two-thirds" following "approval of a"; and added (3). ARTICLE 13 Corporate Credit Union