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HomeFinancial CodeDiv. 5Ch. 9Art. 2§ 15253 Credit Union Dissolution Rules

§ 15253 Credit Union Dissolution Rules

Financial Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 15253 Credit Union Dissolution Rules

When a credit union votes to close, it can only keep doing business to finish winding up its affairs and pay off its debts.

Key Takeaways

  • •A closure vote stops normal operations.
  • •Only liquidation activities are allowed.
  • •The credit union must settle debts before ending.

Example

A credit union members vote to shut down the organization.

The credit union must stop giving new loans and opening new accounts, and can only collect existing loans, sell assets, and pay members what they are owed.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 15253 Credit Union Dissolution Rules

After a vote to dissolve a credit union no business may be carried on by the credit union except in the proper course of liquidation. (Added by Stats. 1979, Ch. 112.)

Last verified: January 11, 2026

Key Terms

dissolvecredit unionliquidation

Related Statutes

  • § 15254 Credit Union Asset Liquidation
  • § 15252 Credit Union Dissolution Certificate
  • § 15200 Credit Union Mergers
  • § 15250 Credit Union Dissolution Rules
  • § 15251 Credit Union Liquidation Process

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 15253.
View Official Source