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2010 SESSION

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SB 440 Credit unions; conversion to a state mutual savings institution.

Introduced by: Richard L. Saslaw | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED SENATE:

Credit unions and banks; mergers and consolidations. Establishes a procedure by which a state credit union may convert to a state mutual savings institution. Conversion requires approval of two-thirds of the eligible and voting members of the credit union, unless the articles of incorporation allow a greater or lesser vote (which shall in no event be less than a majority). HB 482 is identical.

SUMMARY AS INTRODUCED:

Credit unions and banks; mergers and consolidations.  Authorizes (i) a state credit union to merge or consolidate with a bank and (ii) a state bank to merge or consolidate with a federal or state credit union. Each of these mergers or consolidations is subject to the prior approval of the State Corporation Commission.