81-13-79 - Merger of credit unions; certificate of merger; transfer of rights, assets and interests. - Mississippi Statutes

§ 81-13-79. Merger of credit unions; certificate of merger; transfer of rights, assets and interests.
 

(1)  Any credit union may, with the approval of the Commissioner of Banking and Consumer Finance or his successor, merge with another credit union under the existing charter of the other credit union, pursuant to any plan agreed upon by the majority of each board of directors of each credit union joining in the merger, and approved by the affirmative vote of a majority of the members of the merging credit union present at a meeting of its members duly called for such purpose, and consented to by any government agency or other organization insuring the accounts of the credit union. Provided, however, such merger shall not be in violation of the provision of Section 81-13-13, which requires a common bond of occupation, association or residence within groups which are members of a credit union. 

(2)  After agreement by the directors and approval by the members of the merging credit union, the president and secretary of the credit union shall execute a certificate of merger, which shall set forth all of the following: 

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

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

(c) A copy of the resolution or other action by which the plan was agreed upon; 

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

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

(3)  Such certificate and a copy of the plan of merger agreed upon shall be forwarded to the Commissioner of Banking and Consumer Finance or his successor, certified by him, and returned to both credit unions within thirty (30) days. 

(4)  Upon return of the certificate from the commissioner or his successor, all property, property rights and members' interest of the merged credit union shall vest in the surviving credit union without deed, endorsement or other instrument of transfer, and all debts, obligations and liabilities of the merged credit union shall be deemed to have been assumed by the surviving credit union under whose charter the merger was effected. The rights and privileges of the members of the merged credit union shall remain intact. 

(5)  This section shall be construed, whenever possible, to permit a credit union chartered under any other law to merge with one chartered under Section 81-13-1 et seq., or to permit one chartered under Section 81-13-1 et seq. to merge with one chartered under any other law. 
 

Sources: Laws,  1980, ch. 526; reenacted, 1995, ch. 374, § 40; reenacted without change, Laws,  1997, ch. 368, § 38; reenacted without change, Laws, 2001, ch. 408, § 40, eff from and after July 1, 2001.