370.351. Credit unions may merge--directors to approve plan, procedure. - Missouri Statutes

Credit unions may merge--directors to approve plan, procedure.

370.351. 1. Any two or more credit unions formed under thelaws of the state of Missouri and any credit union or unionsformed under the laws of the state of Missouri and any creditunion formed under the laws of any other state or of the UnitedStates which is formed for the same purpose for which a creditunion might be formed under the laws of this state, may mergeinto one of such credit unions.

2. The board of directors of each credit union, byresolution adopted by a majority vote of the members of theboard, shall approve a plan of merger setting forth:

(1) The names of the credit unions proposing to merge andthe name of the credit union into which they propose to merge,which is hereinafter designated as the "surviving credit union";

(2) The terms and conditions of the proposed merger and themode of carrying the same into effect;

(3) The manner and basis of converting the membership sharesof each merging credit union into the membership shares of thesurviving credit union;

(4) A statement of any changes in the articles of agreementand the bylaws of the surviving credit union to be effected bysuch merger;

(5) Such other provisions with respect to the proposedmerger as are deemed necessary or desirable.

(L. 1955 p. 254, A.L. 1982 H.B. 1099, A.L. 1988 H.B. 1097)