Section 490.371 – Credit Unions; Merger.
490.371 Credit unions; merger. Sec. 371. (1) Two or more domestic credit unions may merge into 1 of the credit unions, or into a newly formed domestic credit union, if all of the following are met: (a) The credit union board of each constituent credit union by majority vote adopts a plan of merger that […]
Section 490.372 – Conversion of Domestic Credit Union Into Foreign Credit Union.
490.372 Conversion of domestic credit union into foreign credit union. Sec. 372. (1) A domestic credit union may convert into a foreign credit union under this section if all of the following are met: (a) At least 30 days before voting on a plan of conversion under subdivision (b), the credit union board gives written […]
Section 490.373 – Conversion of Domestic Credit Union Into Mutual Savings Bank or Mutual Savings Association.
490.373 Conversion of domestic credit union into mutual savings bank or mutual savings association. Sec. 373. (1) A domestic credit union may convert into a mutual savings bank or mutual savings association if all of the following are met: (a) At least 30 days before voting on a plan of conversion under subdivision (b), the […]
Section 490.374 – Conversion of Domestic Credit Union Into Bank, Stock Savings Bank, or Stock Savings and Loan Association.
490.374 Conversion of domestic credit union into bank, stock savings bank, or stock savings and loan association. Sec. 374. (1) A domestic credit union may convert into a bank, stock savings bank, or stock savings and loan association if all of the following are met: (a) At least 30 days before voting on a plan […]
Section 490.375 – Rights, Obligations, Relationships, and Trusts of Converting Credit Union.
490.375 Rights, obligations, relationships, and trusts of converting credit union. Sec. 375. (1) Except as provided in subsection (2), if a conversion becomes effective under section 372, 373, or 374, the converted entity is a continuation of the converting credit union and all the property and interests in property and every cause of action, right, […]
Section 490.376 – Conversion of Foreign Credit Union Into Domestic Credit Union.
490.376 Conversion of foreign credit union into domestic credit union. Sec. 376. (1) A foreign credit union may convert to a domestic credit union if all of the following are met: (a) The foreign credit union complies with the applicable law under which it is chartered for a conversion under that law. (b) The credit […]