6.1-225.29 - (Repealed effective October 1, 2010) Conversion of federal credit union to state credit union. - Virginia Statutes

§ 6.1-225.29. (Repealed effective October 1, 2010) Conversion of federalcredit union to state credit union.

A credit union, organized under the laws of the United States and authorizedto do business in this Commonwealth, may convert to a credit union organizedunder the laws of this Commonwealth by the following procedure:

1. The directors of the federal credit union shall organize a corporationunder this chapter and the Virginia Nonstock Corporation Act (§ 13.1-801 etseq.) for the purpose set forth in § 6.1-225.13.

2. The new corporation shall apply for a certificate of authority to dobusiness as a credit union as provided in § 6.1-225.14.

3. The federal credit union shall follow the procedures set forth in § 125(a) (12 U.S.C. § 1771) of the Federal Credit Union Act, as it now exists ormay hereafter be amended, for conversion.

4. Upon completion of the requirements of the Federal Credit Union Act, theauthorized officers of the federal credit union shall execute a certificatesetting forth the procedures followed, the number of members eligible to voteand the number voting in favor of the plan of conversion and file saidcertificate with the Commission.

5. When the Commission has been satisfied that all of the requirements ofthis section have been complied with, and that the criteria of § 6.1-225.14have been met, the Commission shall authorize the state-chartered creditunion to commence business as of the date it ceases to be a federal creditunion. The successor state-chartered credit union shall be vested with all ofthe assets and shall continue to be responsible for all of the obligations ofthe federal credit union to the same extent as though the conversion had nottaken place.

(1984, c. 352, § 6.1-200.6; 1990, c. 373.)