17-2228.   Merger with other credit union, procedure;certificaterequirements; assets and liabilities; cancellation of terminated creditunion charter.Any credit union, with the approval of the administrator, may mergewithanother credit union under the charter of such other credit union, pursuantto any plan agreed upon by the majority of the board of directors of eachcredit union joining in the merger, and approved by the members of eachsuch credit union organized under the provisions of this act, either by theaffirmative vote of a majority of thosemembers present ata meeting of its members duly called for such purpose or by the affirmativevote in writing of a majority of its members who participate in the voteon the merger plan without a meeting.After suchagreement by the directors and approval of the members of each credit unionorganized under the provisions of this act,the president or chairperson of the board and secretary of each credit unionorganized under the provisions of this act,shall execute intriplicate, a certificate of merger, which shall set forth all of thefollowing:

      (a)   The time and place of the meeting of the board of directors at whichthe plan was agreed upon;

      (b)   the vote in favor of adoption of the plan;

      (c)   a copy of the resolution or other action by which the plan wasagreed upon;

      (d)   the time and place of the meeting of the members at which the planagreed upon was approved; and

      (e)   the vote by which the plan was approved by the members.

      Such certificates, in triplicate, a copy of the plan of mergeragreed upon,and any necessary approvals or consents for a merging credit union organizedunder the provisions of any other jurisdictionshall be forwarded to the administrator. Upon receipt of thesedocuments, the administrator shall determine whetherthe merger meets thestatutory requirements for field of membership set forth in K.S.A. 17-2205, andamendmentsthereto. If the merger is approved, a copy of thecertificate, certified by the administrator, shall be returnedto the merging creditunions within 30 days.The date of certification of the merger by the administrator shall constitutethe date of approval.Upon any such merger so effected, allproperty, property rights and interest of the merged credit union shallvest in the continuing credit union without deed, endorsement or otherinstrument of transfer, and all debts, obligations and liabilities of themerged credit union shall be deemed to have been assumed by the continuingcredit union under whose charter the merger was effected.

      This section shall be construed, whenever possible, to permit a creditunion chartered under any other act to merge with one chartered under thisact or to permit one chartered under this act to merge with one charteredunder any other act. The charter of the terminating credit union shall uponmerger be canceled and voided by operation of law.

      History:   L. 1963, ch. 140, § 10; L. 1968, ch. 160,§ 14; L. 1982, ch. 102, § 8; L. 1984, ch. 90, § 2;L. 1992, ch. 225, § 12;L. 2008, ch. 81, § 4; July 1.