§ 6.1-225.30. (Repealed effective October 1, 2010) Conversion of state creditunion to federal credit union.
A state credit union may convert to a federal credit union by the followingprocedure:
1. At any meeting of the members called and held in accordance with theVirginia Nonstock Corporation Act (§ 13.1-801 et seq.) to consider suchaction, the members by an affirmative vote of those holding and votingtwo-thirds of the votes present in person or by proxy, may resolve to convertthe credit union into a federal credit union.
2. A copy of the minutes of the meeting duly certified by the authorizedofficer of the credit union shall be transmitted to the Commission.
3. The state credit union shall take such action as is necessary under § 125(b) (12 U.S.C. § 1771) of the Federal Credit Union Act, as it now exists ormay hereafter be amended, to make it a federal credit union.
4. It shall file with the Commission a certified copy of the organizationcertificate approved by the National Credit Union Administration Board.
5. Upon receipt of the organization certificate the state credit union shallbecome a federal credit union which shall be vested with all of the assetsand shall continue to be responsible for all of the obligations of the statecredit union to the same extent as though the conversion had not taken place.
§ 6.1-225.30. (Repealed effective October 1, 2010) Conversion of state creditunion to federal credit union.
A state credit union may convert to a federal credit union by the followingprocedure:
1. At any meeting of the members called and held in accordance with theVirginia Nonstock Corporation Act (§ 13.1-801 et seq.) to consider suchaction, the members by an affirmative vote of those holding and votingtwo-thirds of the votes present in person or by proxy, may resolve to convertthe credit union into a federal credit union.
2. A copy of the minutes of the meeting duly certified by the authorizedofficer of the credit union shall be transmitted to the Commission.
3. The state credit union shall take such action as is necessary under § 125(b) (12 U.S.C. § 1771) of the Federal Credit Union Act, as it now exists ormay hereafter be amended, to make it a federal credit union.
4. It shall file with the Commission a certified copy of the organizationcertificate approved by the National Credit Union Administration Board.
5. Upon receipt of the organization certificate the state credit union shallbecome a federal credit union which shall be vested with all of the assetsand shall continue to be responsible for all of the obligations of the statecredit union to the same extent as though the conversion had not taken place.
§ 6.1-225.30. (Repealed effective October 1, 2010) Conversion of state creditunion to federal credit union.
A state credit union may convert to a federal credit union by the followingprocedure:
1. At any meeting of the members called and held in accordance with theVirginia Nonstock Corporation Act (§ 13.1-801 et seq.) to consider suchaction, the members by an affirmative vote of those holding and votingtwo-thirds of the votes present in person or by proxy, may resolve to convertthe credit union into a federal credit union.
2. A copy of the minutes of the meeting duly certified by the authorizedofficer of the credit union shall be transmitted to the Commission.
3. The state credit union shall take such action as is necessary under § 125(b) (12 U.S.C. § 1771) of the Federal Credit Union Act, as it now exists ormay hereafter be amended, to make it a federal credit union.
4. It shall file with the Commission a certified copy of the organizationcertificate approved by the National Credit Union Administration Board.
5. Upon receipt of the organization certificate the state credit union shallbecome a federal credit union which shall be vested with all of the assetsand shall continue to be responsible for all of the obligations of the statecredit union to the same extent as though the conversion had not taken place.
