370.354. Vote required for approval — director may approve, when. — 1. At each such meeting, a vote of the members or the shareholders entitled to vote shall be taken on the proposed plan of merger or consolidation. The plan of merger or consolidation shall be approved upon receiving the affirmative vote of a majority of the members present and voting at the meeting of each of the credit unions, provided a quorum is present.
2. Upon the approval of the members, articles of merger or consolidation shall be submitted to the director of the division of credit unions, who shall approve the same if the merger or consolidation is made in conformity with the laws of this state and is in the best interest of the majority of the members thereof.
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(L. 1955 p. 254, A.L. 1972 S.B. 502, A.L. 1982 H.B. 1099)
---- end of effective 28 Aug 1982 ----
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