§ 15356 Federal Credit Union Conversion

This law lets the directors of a credit union that is changing from a federal credit union add a specific sentence to its incorporation papers.

Key Takeaways

•Directors may add a special sentence to the incorporation papers
•The sentence tells people the credit union was formerly a federal credit union
•Adding the sentence is optional but permitted by law

Example

A credit union is switching its charter from a federal credit union to a state charter and wants to note this change in its official documents.

The directors can insert the sentence “This credit union is incorporated by conversion from a federal credit union.” into the articles of incorporation to show that the credit union used to be federal.

The directors of a credit union converted from a federal credit union may insert in the articles of incorporation the following statement: “This credit union is incorporated by conversion from a federal credit union.” (Added by Stats. 1979, Ch. 112.)

This law lets the directors of a credit union that is changing from a federal credit union add a specific sentence to its incorporation papers.

Key Takeaways

•Directors may add a special sentence to the incorporation papers
•The sentence tells people the credit union was formerly a federal credit union
•Adding the sentence is optional but permitted by law

Example

A credit union is switching its charter from a federal credit union to a state charter and wants to note this change in its official documents.

Key Takeaways

Example

Key Terms

References

§ 15356 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