TITLE XXXV BANKS AND BANKING; LOAN ASSOCIATIONS; CREDIT UNIONS
CHAPTER 383-E CREDIT UNION ACT
ARTICLE 11 Conversions
Section 383-E:11-1101
383-E:11-1101 State Credit Union to Federal Credit Union. –
A state credit union may be converted into a federal credit union by complying with the following requirements:
(a) A majority of the directors of the state credit union shall first approve the proposition for the conversion and set a date for a vote on the conversion by the members, either at a meeting to be held on the date or by written ballot to be filed on or before the date. Written notice of the proposition and of the date set for the vote shall then be delivered in person to each member, or mailed to each member at the address for the member appearing on the records of the state credit union, not more than 30 nor less than 7 days prior to the date. Approval of the proposition for conversion shall be by the affirmative vote of a majority of the members of the state credit union who vote on the proposal. The written notice of the proposition shall in bold face type state that the issue will be decided by a majority of the members who vote.
(b) A notice of the proposed conversion shall be filed with the commissioner under RSA 383-A:6-602, together with a statement of the results of the vote, verified by the affidavits of the president or vice president and the clerk, within 10 days after the vote is taken.
(c) Promptly after the vote is taken and in no event later than 90 days thereafter, if the proposition for conversion was approved by the vote, the state credit union shall take such action as may be necessary under the applicable federal law to make it a federal credit union, and within 10 days after receipt of the federal credit union charter shall file with the commissioner a copy of the charter so issued. Upon making the filing, the credit union shall cease to be a state credit union.
(d) Upon ceasing to be a state credit union, the credit union shall no longer be subject to any of the provisions of this chapter. The successor federal credit union shall be vested with all of the assets and shall continue responsible for all of the obligations of the state credit union to the same extent as though the conversion had not taken place.