370.352. Consolidation into new credit union--directors to approve plan. - Missouri Statutes

Consolidation into new credit union--directors to approve plan.

370.352. 1. Any two or more credit unions organized underthe laws of the state of Missouri, or any credit union organizedunder the laws of any other state or of the United States andformed for a purpose for which a credit union might be formedunder the laws of the state of Missouri may consolidate into anew credit union.

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

(1) The names of the credit unions proposing to consolidateand the name of the new credit union into which they propose toconsolidate, which is hereinafter designated as the "new creditunion";

(2) The terms and conditions of the proposed consolidationand the mode of carrying the same into effect;

(3) The manner and basis of converting the membershipshares, assets and liabilities of each credit union intomembership shares or assets and liabilities of the new creditunion;

(4) With regard to the new credit union, all of thestatements required to be set forth in the articles of agreementand the bylaws for credit unions;

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

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