MARVIN MANDEL, Governor

1851

UNION AS THOUGH THE CONVERSION HAD NOT TAKEN PLACE.

REVISOR'S NOTE: This section is new language
derived without substantive change from Art.
11, §157A.

For the definition of "mail," see §1—101.

6-326. MERGER OF CREDIT UNIONS.

(A)   GENERAL RULE.

WITH THE APPROVAL OF THE COMMISSIONER,    ANY CREDIT

UNION MAY MERGE INTO ANOTHER CREDIT UNION      UNDER THE

EXISTING CHARTER OF THE OTHER CREDIT UNION, IN   ACCORDANCE
WITH A PLAN WHICH IS:

(1)    AGREED TO BY A MAJORITY OF THE BOARD OF
DIRECTORS OF EACH CREDIT UNION PARTY TO THE MERGER; AND

(2)   APPROVED BY THE   MEMBERS OF EACH CREDIT
UNION PARTY TO THE MERGER BY THE AFFIRMATIVE VOTE OF A
MAJORITY OF THE MEMBERS PRESENT   AT A MEETING DULY CALLED
FOR THE PURPOSE.

(B)     EXECUTION AND CONTENTS OF CERTIFICATE OF
MERGER.

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 INCLUDE:

(1)    THE TIME AND PLACE OF THE MEETING OF THE
BOARD OF DIRECTORS AT WHICH THE PLAN WAS AGREED TO;

(2)   THE VOTE BY WHICH THE PLAN WAS AGREED TO
BY THE DIRECTORS;

(3)    A COPY OF THE RESOLUTION OR OTHER ACTION
BY WHICH THE PLAN WAS AGREED TO BY THE DIRECTORS;

(4)   THE TIME AND PLACE OF THE MEETING OF THE
MEMBERS AT WHICH THE AGREED PLAN WAS APPROVED; AND

(5)    THE VOTE BY WHICH THE PLAN WAS APPROVED
BY THE MEMBERS.

(C)   CERTIFICATION BY COMMISSIONER.

THE CERTIFICATE OF MERGER AND A COPY OF THE AGREED
PLAN OF MERGER SHALL BE FORWARDED TO THE COMMISSIONER,
CERTIFIED BY HIM, AND RETURNED TO EACH CREDIT UNION PARTY
TO THE MERGER WITHIN 30 DAYS.