§ 15355 Federal Credit Union Conversion

This law says that after members vote yes, a federal credit union must follow the required steps to become a state credit union, and its directors must file all the paperwork needed to start the credit union.

Key Takeaways

•A positive vote (as set out in Section 15350) is required first.
•The credit union must do exactly what the state division says to become a state credit union.
•Directors have to file all required documents for the original incorporation.

Example

Members of a federal credit union vote to switch to a state charter.

Because the vote is positive, the credit union follows the state’s instructions, files the needed forms, and becomes a state‑chartered credit union.

After an affirmative vote as provided in Section 15350, the federal credit union shall take or cause to be taken such action in the manner prescribed and authorized by this division as shall make it a credit union of this state. The directors shall file the documents and take such proceedings as are required by this division in the case of the original incorporation of a credit union. (Amended by Stats. 1979, Ch. 811.)

Key Takeaways

•A positive vote (as set out in Section 15350) is required first.
•The credit union must do exactly what the state division says to become a state credit union.
•Directors have to file all required documents for the original incorporation.

Example

Members of a federal credit union vote to switch to a state charter.

Because the vote is positive, the credit union follows the state’s instructions, files the needed forms, and becomes a state‑chartered credit union.

Key Takeaways

Example

Key Terms

References

§ 15355 Federal Credit Union Conversion

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References