Oklahoma § 6-2018 - Voluntary dissolution

§ 6-2018. Voluntary dissolution

A credit union may elect to dissolve voluntarily and liquidate

its affairs. The process of voluntary dissolution shall be as

follows:

(A) The board of directors shall adopt a resolution

recommending the credit union be dissolved voluntarily, and

directing that the question of dissolution be submitted to the

members. For a credit union to enter voluntary dissolution,

approval by a majority of the members in writing or by a simple

Oklahoma Statutes - Title 6. Banks and Trust Companies

majority vote of the members at a regular or special meeting of the

members is required. Where authorization for dissolution is to be

obtained at a meeting of the members, notice in writing shall be

given to each member, by first-class mail, at least ten (10) days

prior to such meeting.

(B) Within ten (10) days after the board of directors decides

to submit the question of dissolution to the members, the president

shall notify the Bank Commissioner and any government agency or

other organization insuring member accounts thereof in writing,

setting forth the reasons for the proposed dissolution. Within ten

(10) days after the members act on the question of dissolution, the

president shall file with the Bank Commissioner a statement of their

consent to dissolution, attested by a majority of the officers and

including the names and addresses of the officers and directors, and

shall notify any government agency or other organization insuring

member accounts in writing as to the action of the members on the

proposal. As soon as the board of directors decides to submit the

question of dissolution to the members, payments on shares or

deposits, withdrawal of shares or deposits, making any transfer of

shares or deposits to loans and interest, making investments of any

kind and granting loans may be suspended, only with the approval of

the Bank Commissioner, pending action by members on the proposal to

dissolve. On approval by the members of such proposal, all such

business transactions shall be permanently discontinued. Necessary

expenses of operation shall, however, continue to be paid on

authorization of the board of directors or liquidating agent during

the period of dissolution.

(C) The Bank Commissioner shall determine whether or not the

credit union is solvent. If the credit union is solvent, the Bank

Commissioner shall issue in duplicate a certificate to the effect

that this section has been complied with.

(D) The certificate shall be filed with the Secretary of State,

and a certified copy thereof filed in the office of the county clerk

of the county in which the credit union is located, whereupon said

credit union shall cease to carry on business, except for the

purpose of liquidation and distribution of its assets.

(E) The credit union shall continue in existence for the

purpose of discharging its debts, collecting and distributing its

assets, and doing all other acts required in order to wind up its

business, and may sue and be sued for the purpose of enforcing such

debts and obligations until its affairs are fully adjusted. The

board of directors or, in the case of involuntary dissolution, the

liquidating agent shall use the assets of the credit union to pay;

first, expenses incidental to liquidation including any surety bond

that may be required; and second, any liability due nonmembers.

Assets then remaining, if any, shall be distributed to the members

proportionately to the combined shares and deposits held by each

Oklahoma Statutes - Title 6. Banks and Trust Companies

member as of the date dissolution was voted, unless otherwise

provided in the bylaws.

Added by Laws 1941, p. 16, § 18. Amended by Laws 1965, c. 496, §

10; Laws 1981, c. 156, § 2, emerg. eff. May 8, 1981; Laws 1992, c.

90, § 12, eff. July 1, 1992.