CHAPTER 9. Merger, Dissolution and Conversion [15200. - 15359.]

Chapter 9 added by Stats. 1979, Ch. 112.

§§ 15200–15359 · 32 sections

1. ARTICLE 1. Merger §§ 15200–15204 · 5 sections

   • § 15200 Any credit union may, with the approval of the commissioner, merge with another credit union or with a central credit union.
   • § 15201 (a) The merger shall be made pursuant to any plan agreed upon by the majority of the board of directors of each credit union joining in the merger, and…
   • § 15202 (a) After the requirement of approval as provided in Section 15201 is satisfied, each credit union shall execute a certificate of merger as an officers’…
   • § 15203 Each certificate of merger called for in Section 15202 shall be filed in the office of the Secretary of State. After the filing in the office of the Secretary…
   • § 15204 (a) Upon any merger effectuated as provided in this article, all property, property rights, and interests of the merged credit union shall vest in the…
2. ARTICLE 2. Dissolution §§ 15250–15260 · 10 sections

   • § 15250 (a) Whenever the board of directors of a credit union recommends by a vote of a majority of all its members the dissolution of the credit union, the members of…
   • § 15251 If the dissolution of the credit union is approved pursuant to subdivision (a) or (b) of Section 15250, the board of directors of the credit union shall elect…
   • § 15252 Promptly thereafter the president or vice president and secretary or assistant secretary, or a majority of the committee or the liquidating agent in charge of…
   • § 15253 After a vote to dissolve a credit union no business may be carried on by the credit union except in the proper course of liquidation.
   • § 15254 The committee or the liquidating agent in charge of liquidation may sue in the name and on behalf of the credit union, and may sell or otherwise dispose of the…
   • § 15255 After determining that all known debts and liabilities of the credit union have been paid or adequately provided for, the committee or the liquidating agent in…
   • § 15257 When a credit union has completely wound up, all of its known debts and liabilities actually paid or adequately provided for or paid as far as its assets…
   • § 15258 The certificate of dissolution shall be filed in the office of the Secretary of State and copies, certified by him, shall be filed in the office of the…
   • § 15259 At any time during the liquidation process, the committee or the liquidating agent in charge of liquidation may be relieved of their duties at the discretion…
   • § 15260 Where the commissioner finds that on the date of filing with the Secretary of State of the certificate of election to wind up and dissolve, the credit union…
3. ARTICLE 3. Conversion Into Federal Credit Unions §§ 15300–15306 · 7 sections

   • § 15300 A credit union may convert itself into a federal credit union by following the procedure contained in this article.
   • § 15301 Upon recommendation of the board of directors the members of any credit union may by an affirmative majority vote of such members resolve to convert such…
   • § 15302 Within 10 days after the meeting or written vote at which the members determine to convert into a federal credit union, the credit union shall file with the…
   • § 15303 A certified copy of the certificate required by Section 15302 filed in the office of the Secretary of State is presumptive evidence of the holding of the…
   • § 15304 After the meeting or the written vote of the members, the credit union shall take such action as is necessary to make it a federal credit union, and within 10…
   • § 15305 At the time the conversion into a federal credit union becomes effective, the credit union ceases to be supervised by this state and all of the property of the…
   • § 15306 The converted federal credit union shall have, hold, and enjoy the property mentioned in Section 15305 in its own right as fully and to the same extent as the…
4. ARTICLE 4. Conversion of Federal Credit Union §§ 15350–15359 · 10 sections

   • § 15350 Upon recommendation of its board of directors, any federal credit union may convert into a credit union under the laws of this state by complying with the…
   • § 15351 The officers and directors of the federal credit union shall be the officers and directors of the credit union after conversion takes effect, to hold office…
   • § 15352 The commissioner may conduct a joint audit of the federal credit union with federal auditors. Upon completion of such audit, he shall issue a certificate to…
   • § 15353 Copies of the minutes of the proceedings of the meeting of the members or the written ballot and the record of written vote of the members in which they voted…
   • § 15354 The verified copies of the minutes of the meeting or the record of written vote, when filed as required by Section 15353, are presumptive evidence of the…
   • § 15355 After an affirmative vote as provided in Section 15350, the federal credit union shall take or cause to be taken such action in the manner prescribed and…
   • § 15356 The directors of a credit union converted from a federal credit union may insert in the articles of incorporation the following statement: “This credit union…
   • § 15357 Within 10 days after the filing of the articles of incorporation with the Secretary of State, there shall be filed, with the National Credit Union…
   • § 15358 Upon the filing of the articles of incorporation with the Secretary of State and the issuance of a certificate by the commissioner authorizing the federal…
   • § 15359 The converted credit union shall have, hold, and enjoy the property mentioned in Section 15358 in its own right as fully and to the same extent as the property…