(a) A credit union may merge or consolidate with another credit union, under the other credit union’s existing articles of incorporation or otherwise, if:
(1) the merger or consolidation is in accordance with commission rules and approved by the commissioner; and
(2) the merger or consolidation takes place under a plan that has been:
(A) agreed to by a majority of the board of each credit union joining in the merger or consolidation; and
(B) approved by a majority of the members of each credit union voting at a meeting of its members called for that purpose.
(b) The commissioner may waive the requirement that the members of each credit union approve the plan.