State Codes and Statutes
Statutes > Rhode-island > Title-19 > Chapter-19-5 > 19-5-23SECTION 19-5-23
§ 19-5-23 Conversion. – (a) A credit union may be converted into a federal credit union, and a federalcredit union may be converted into a credit union, by complying with all therequirements of applicable federal and state law.
(b) A federal credit union shall become a credit union whenits agreement to form has been approved by the director or the director'sdesignee under this chapter and when it has filed a copy of its agreement toform with the national credit union administration and complied with all otherrequirements of federal law.
(c) A credit union shall become a federal credit union uponthe granting of a federal credit union charter to it and the completion of allother requirements of federal law necessary to be completed to become anoperating federal credit union, and upon the filing with the director or thedirector's designee a certified vote of the majority of the credit unionmembers present at a meeting called, in accordance with the credit union'sby-laws, for the purpose of considering a conversion to a federal charter. Theconverting credit union shall then file with the director or the director'sdesignee a certified copy of the federal credit union charter and shallsurrender its copy of its agreement to form, or file proof that the agreementto form has been lost.
