370.354. Vote required for approval--director may approve, when. - Missouri Statutes

Vote required for approval--director may approve, when.

370.354. 1. At each such meeting, a vote of the members orthe shareholders entitled to vote shall be taken on the proposedplan of merger or consolidation. The plan of merger orconsolidation shall be approved upon receiving the affirmativevote of a majority of the members present and voting at themeeting of each of the credit unions, provided a quorum ispresent.

2. Upon the approval of the members, articles of merger orconsolidation shall be submitted to the director of the divisionof credit unions, who shall approve the same if the merger orconsolidation is made in conformity with the laws of this stateand is in the best interest of the majority of the membersthereof.

(L. 1955 p. 254, A.L. 1972 S.B. 502, A.L. 1982 H.B. 1099)