Oklahoma § 6-2022 - Merger of credit unions

§ 6-2022. Merger of credit unions

Any credit union may, with the approval of the State Credit

Union Board, merge with another credit union under the existing

charter of the other credit union, pursuant to any plan agreed upon

by the majority of the board of directors of each credit union

joining in the merger, and approved by the affirmative vote of a

majority of the members of the merging credit union present at a

meeting of the members duly called for such purpose. After

agreement by the directors and approval by the members of the

merging credit union, the president and secretary of each credit

union shall execute a certificate of merger, which shall set forth

all of the following:

(a) The time and place of the meeting of the board of directors

at which the plan was agreed upon;

(b) The vote in favor of adoption of the plan; and

(c) A copy of the resolution or other action by which the plan

was agreed upon.

The certificate executed by the officers of the merging credit union

shall also set forth:

(d) The time and place of the meeting of the members at which

the plan agreed upon was approved;

(e) The vote by which the plan was approved by the members; and

(f) The effective date of the merger.

Such certificates and a copy of the plan of merger agreed upon

shall be forwarded to the Bank Commissioner who shall, upon approval

of the State Credit Union Board, certify and return them to the

merging credit union and the surviving credit union within sixty

Oklahoma Statutes - Title 6. Banks and Trust Companies

(60) days. The merging credit union shall cause a copy of the

certificate of merger, duly certified to by the Bank Commissioner,

to be filed in the office of the Secretary of State forthwith.

Unless otherwise provided in the certificate of merger, the merger

shall be deemed effected upon such filing of the certificate and the

merging credit union shall cease to exist.

Upon any such merger so effected, all property, property rights,

field of membership and interest of the merged credit union shall

vest in the surviving credit union without deed, endorsement or

other instrument of transfer, and all debts, obligations and

liabilities of the merged credit union shall be deemed to have been

assumed by the surviving credit union under whose charter the merger

was effected.

This section shall be construed, whenever possible, to permit a

credit union chartered under any other act to merge with one

chartered under this act, or to permit one chartered under this act

to merge with one chartered under any other act.

Added by Laws 1968, c. 187, § 7, emerg. eff. April 15, 1968.

Amended by Laws 1974, c. 267, § 8; Laws 1981, c. 156, § 3, emerg.

eff. May 8, 1981; Laws 1992, c. 90, § 17, eff. July 1, 1992.