Submission of plan to meeting of members or shareholders--notice.
370.353. 1. The board of directors of the merging creditunion or credit unions, upon approving the plan of merger orconsolidation, shall direct, by a resolution, that the plan besubmitted at a meeting of the members or shareholders, which maybe either an annual or special meeting. Notice of the meetingshall be given as provided in the bylaws of each credit unionaffected, or by letter addressed to the last known address, asreflected on the books of the credit union, to each member orshareholder thereof. The notice, whether the meeting is anannual or special meeting, shall state the place, day, hour, andpurpose of the meeting, and a copy or summary of the plan ofmerger or plan of consolidation shall be included in or enclosedwith the notice. The board of directors of the surviving creditunion named in any such plan of merger need not submit the mergerplan to its members but shall, instead, ratify such merger planaccording to the procedure stated in section 370.351.
2. In the case of a consolidation, the board of directors ofeach credit union party to such plan of consolidation must submitthe plan of consolidation to its members according to theprocedure described in subsection 1 of this section.
3. The director may waive any membership meeting requiredunder subsections 1 and 2 of this section upon the request of theboard of directors of any of the merging or consolidating creditunions if the credit union seeking the waiver is in financialdifficulty, if its field of membership is being lost orsubstantially reduced, or if it has only limited potential ofgrowth.
Submission of plan to meeting of members or shareholders--notice.
370.353. 1. The board of directors of the merging creditunion or credit unions, upon approving the plan of merger orconsolidation, shall direct, by a resolution, that the plan besubmitted at a meeting of the members or shareholders, which maybe either an annual or special meeting. Notice of the meetingshall be given as provided in the bylaws of each credit unionaffected, or by letter addressed to the last known address, asreflected on the books of the credit union, to each member orshareholder thereof. The notice, whether the meeting is anannual or special meeting, shall state the place, day, hour, andpurpose of the meeting, and a copy or summary of the plan ofmerger or plan of consolidation shall be included in or enclosedwith the notice. The board of directors of the surviving creditunion named in any such plan of merger need not submit the mergerplan to its members but shall, instead, ratify such merger planaccording to the procedure stated in section 370.351.
2. In the case of a consolidation, the board of directors ofeach credit union party to such plan of consolidation must submitthe plan of consolidation to its members according to theprocedure described in subsection 1 of this section.
3. The director may waive any membership meeting requiredunder subsections 1 and 2 of this section upon the request of theboard of directors of any of the merging or consolidating creditunions if the credit union seeking the waiver is in financialdifficulty, if its field of membership is being lost orsubstantially reduced, or if it has only limited potential ofgrowth.
Submission of plan to meeting of members or shareholders--notice.
370.353. 1. The board of directors of the merging creditunion or credit unions, upon approving the plan of merger orconsolidation, shall direct, by a resolution, that the plan besubmitted at a meeting of the members or shareholders, which maybe either an annual or special meeting. Notice of the meetingshall be given as provided in the bylaws of each credit unionaffected, or by letter addressed to the last known address, asreflected on the books of the credit union, to each member orshareholder thereof. The notice, whether the meeting is anannual or special meeting, shall state the place, day, hour, andpurpose of the meeting, and a copy or summary of the plan ofmerger or plan of consolidation shall be included in or enclosedwith the notice. The board of directors of the surviving creditunion named in any such plan of merger need not submit the mergerplan to its members but shall, instead, ratify such merger planaccording to the procedure stated in section 370.351.
2. In the case of a consolidation, the board of directors ofeach credit union party to such plan of consolidation must submitthe plan of consolidation to its members according to theprocedure described in subsection 1 of this section.
3. The director may waive any membership meeting requiredunder subsections 1 and 2 of this section upon the request of theboard of directors of any of the merging or consolidating creditunions if the credit union seeking the waiver is in financialdifficulty, if its field of membership is being lost orsubstantially reduced, or if it has only limited potential ofgrowth.
