Florida Regulations 69U-110.066: Conversion
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The following process shall be followed for conversion from a federal credit union to a state credit union and vice versa:
(1) The directors of a converting federal credit union shall complete and file the following with OFR:
(a) Form OFR-U-67, Application To Convert A Federal Credit Union To A Florida Credit Union, (revised 10/2006), which is hereby incorporated by reference, and proposed bylaws on Form OFR-U-61, Model Credit Union Bylaws (revised 10/2006), which is hereby incorporated by reference, copies of which shall be submitted to the National Credit Union Administration and copies of which shall be retained by the directors.
(b) A copy of the minutes of the meeting of directors approving the conversion and a copy of the minutes of the meeting of the membership approving the conversion. These minutes shall indicate compliance with Florida Statutes § 657.066
(c) OFR shall be authorized to conduct an examination of the applicant federal credit union prior to conversion.
(2) The directors of a converting state credit union shall notify OFR and the National Credit Union Administration of the:
(a) Action of the board of directors proposing the conversion;
(b) Action of the membership on the question of conversion; and,
(c) Effective date of the conversion.
(3) All forms referenced in this rule may be obtained from the Office of Financial Regulation’s website (www.flofr.gov) or by mail by submitting a request to Office of Financial Regulation, Division of Financial Institutions, 200 East Gaines Street, Tallahassee, Florida 32399-0371.
Rulemaking Authority Florida Statutes § 655.012(2). Law Implemented Florida Statutes § 657.066. History-New 10-13-81, Formerly 3C-30.37, 3C-30.037, Amended 10-8-95, Formerly 3C-110.066, Amended 3-6-07.
Terms Used In Florida Regulations 69U-110.066
- National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
(a) Form OFR-U-67, Application To Convert A Federal Credit Union To A Florida Credit Union, (revised 10/2006), which is hereby incorporated by reference, and proposed bylaws on Form OFR-U-61, Model Credit Union Bylaws (revised 10/2006), which is hereby incorporated by reference, copies of which shall be submitted to the National Credit Union Administration and copies of which shall be retained by the directors.
(b) A copy of the minutes of the meeting of directors approving the conversion and a copy of the minutes of the meeting of the membership approving the conversion. These minutes shall indicate compliance with Florida Statutes § 657.066
(c) OFR shall be authorized to conduct an examination of the applicant federal credit union prior to conversion.
(2) The directors of a converting state credit union shall notify OFR and the National Credit Union Administration of the:
(a) Action of the board of directors proposing the conversion;
(b) Action of the membership on the question of conversion; and,
(c) Effective date of the conversion.
(3) All forms referenced in this rule may be obtained from the Office of Financial Regulation’s website (www.flofr.gov) or by mail by submitting a request to Office of Financial Regulation, Division of Financial Institutions, 200 East Gaines Street, Tallahassee, Florida 32399-0371.
Rulemaking Authority Florida Statutes § 655.012(2). Law Implemented Florida Statutes § 657.066. History-New 10-13-81, Formerly 3C-30.37, 3C-30.037, Amended 10-8-95, Formerly 3C-110.066, Amended 3-6-07.