Washington Code 31.12.467 – Merger or conversion of federal, out-of-state, or foreign to state credit union
Current as of: 2023 | Check for updates
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(1) A federal credit union located and conducting business in this state may merge or convert into a credit union organized and operating under this chapter.
Terms Used In Washington Code 31.12.467
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board: means the board of directors of a credit union. See Washington Code 31.12.005
- Credit union: means a credit union organized and operating under this chapter. See Washington Code 31.12.005
- Director: means the director of financial institutions. See Washington Code 31.12.005
- Federal credit union: means a credit union organized and operating under the laws of the United States. See Washington Code 31.12.005
- Foreign credit union: means a credit union organized and operating under the laws of another country or other foreign jurisdiction. See Washington Code 31.12.005
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(2) In the case of a conversion, the board of the federal credit union shall file with the director proposed articles of incorporation and bylaws, as provided by this chapter for organizing a new credit union. If the conversion is approved by the director, the federal credit union becomes a credit union under the laws of this state.
(3) The assets and liabilities of the federal credit union will vest in and become the property of the successor credit union subject to all existing liabilities against the federal credit union. Members of the federal credit union may become members of the successor credit union.
(4) Mergers and conversions are effective after all applicable regulatory waiting periods have expired and upon filing of the federal credit union’s articles of merger or articles of conversion, as appropriate, by the secretary of state, or a later date stated in the articles, which in no event may be later than ninety days after the articles are filed.
(5) Procedures, similar to those contained in subsections (1) through (4) of this section, prescribed by the director must be followed when an out-of-state or foreign credit union wishes to merge or convert into a credit union organized and operating under this chapter.