2006 Minnesota Statutes

52.201 REORGANIZING FEDERAL CREDIT UNION INTO STATE CREDIT UNION.
When any federal credit union authorized to convert to a state charter has taken the necessary
steps under the federal law for that purpose, seven or more members, upon authority of two-thirds
of the members present and entitled to vote and who shall have voted for such conversion at a
regular or special meeting upon 14 days mailed written notice to each member at the member's
last known address clearly stating that such conversion is to be acted upon, and upon approval of
the commissioner of commerce, may execute a certificate of incorporation under the provisions of
the state Credit Union Act, which, in addition to the other requirements of law, shall state the
authority derived from the shareholders of such federal credit union; and upon recording such
certificate as required by law, it shall become a legal state credit union and the members of
the federal credit union shall without further action be members of the state credit union. This
includes members of the federal credit union on the basis of acceptance of small employer groups
provided the commissioner may require contemporaneous filing of applications under section
52.05, subdivision 2. Thereupon the assets of the federal credit union, subject to its liabilities not
liquidated under the federal law before such incorporation, shall vest in and become the property
of such state credit union and the members upon request shall be entitled to a new passbook
showing existing share and loan balances. The commissioner of commerce shall approve or
disapprove of the conversion within 60 days of the date the proposal is presented.
History: 1941 c 510 s 1; 1961 c 331 s 10; 1971 c 154 s 11; 1983 c 289 s 114 subd 1; 1984 c
655 art 1 s 92; 1986 c 444; 1997 c 157 s 43