§ 15358 Federal To State Credit Union

• •The credit union changes from a federal to a state credit union.
• •All of its property automatically becomes part of the new state credit union.
• •No extra actions are required; the change happens by law.

A credit union files its articles of incorporation, receives a state certificate, and then operates as a state credit union; its bank accounts and property are now owned by the new state credit union without any extra paperwork.

The law says that once the state issues the certificate, the credit union is no longer a federal credit union and all its property instantly becomes part of the new state credit union, so no additional steps are needed.