Section 370.351

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 370

Effective - 28 Aug 1988   

  370.351.  Credit unions may merge — directors to approve plan, procedure. — 1.  Any two or more credit unions formed under the laws of the state of Missouri and any credit union or unions formed under the laws of the state of Missouri and any credit union formed under the laws of any other state or of the United States which is formed for the same purpose for which a credit union might be formed under the laws of this state, may merge into one of such credit unions.

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

  (1)  The names of the credit unions proposing to merge and the name of the credit union into which they propose to merge, which is hereinafter designated as the "surviving credit union";

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

  (3)  The manner and basis of converting the membership shares of each merging credit union into the membership shares of the surviving credit union;

  (4)  A statement of any changes in the articles of agreement and the bylaws of the surviving credit union to be effected by such merger;

  (5)  Such other provisions with respect to the proposed merger as are deemed necessary or desirable.

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