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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 370

previous next Effective - 28 Aug 1972bottom

  370.355.  Certificate of merger or consolidation, issued when — copies, where filed. — 1.  Upon approval by the director of the division of credit unions, articles of merger or articles of consolidation shall be executed in triplicate, by each credit union, by its president, or a vice president, and verified by him, and with the corporate seal of each credit union affixed thereto, attested by its secretary or an assistant secretary, and shall set forth:

  (1)  The plan of merger or plan of consolidation;

  (2)  The total membership of each credit union;

  (3)  As to each credit union the number of members voting for and against the plan, respectively.

  2.  If the director of the division of credit unions finds that the articles conform to law, when all required taxes or fees have been paid, he shall file the same, keeping one copy as a permanent record, forward a copy to the secretary of state after having issued a certificate of merger or a certificate of consolidation, and a verified copy of the certificate, to which he shall affix the other copy of the articles.

  3.  Upon the issuance of the certificate of merger or the certificate of consolidation by the director of the division of credit unions, the merger or consolidation shall be effected.

  4.  The certificate of merger with a copy of the articles of merger affixed thereto by the director of the division of credit unions, or the certificates of consolidation with the copy of the articles of consolidation and certified copy thereof, with the copy of the articles of consolidation affixed thereto by the director of the division of credit unions, shall be returned to the surviving credit union, or new credit union, as the case may be, or to its representative.

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(L. 1955 p. 254, A.L. 1972 S.B. 502)


---- end of effective   28 Aug 1972 ----

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