PARRIS N. GLENDENING, Governor                             Ch. 326

(g) When the conversion is complete, the successor credit union owns all of the
assets and is responsible for all the obligations of the credit union as though the
conversion had not taken place.

6-702.

(a)     With the approval of the [Bank] Commissioner, any credit union may merge
into any other credit union under the existing charter of the other credit union as
provided in this section.

(b)     A majority of the board of directors of each credit union proposing a merger
shall:

(1)     Adopt a resolution that declares that the merger is advisable; and

(2)     Set a date for a vote on the proposed merger by the members of each
credit union party to the merger by mail ballot to be filed on or before that date.

(c)     The [Bank] Commissioner, at the request of the board of directors of a credit
union, may waive the requirement for a mail ballot and may substitute any reasonable
method of determining the vote of the members.

(d)    The merger shall be in accordance with a plan that 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 of each credit union party to the merger
who vote on the proposal.

(e)     (1) After agreement by the directors and approval by the members of the
merging credit unions, the president and secretary of each credit union party to the
merger shall execute a certificate of merger.

(2) The certificate of merger shall include as to each credit union party to
the merger:

(i) The time and place of the meeting of the board of directors at
which the plan was agreed to;

(ii) The vote by which the plan was agreed to by the directors;

(iii) A copy of the resolution or other action by which the plan was
agreed to by the directors;

(iv) The date on or by which the plan was approved by the members;
and

(v) The vote by which the plan was approved by the members.

(f)     The certificate of merger and a copy of the plan of merger shall be:
(1) Sent to the [Bank] Commissioner; and

- 1963 -