                                 CODE OF VIRGINIA

CONVERSION OF FEDERAL CREDIT UNION TO STATE CREDIT UNION (§ 6.2-1346)

A credit union organized under the laws of the United States and authorized to
do business in the Commonwealth may convert to a credit union organized under
the laws of the Commonwealth by the following procedure:

1. The directors of the federal credit union shall organize a corporation under
this chapter and the Virginia Nonstock Corporation Act (&#xA7; 13.1-801 et seq.)
for the purpose set forth in &#xA7; 6.2-1320;

2. The new corporation shall apply for a certificate of authority to do business
as a credit union as provided in &#xA7; 6.2-1321;

3. The federal credit union shall follow the procedures set forth in &#xA7; 125
(a), of the Federal Credit Union Act (12 U.S.C. &#xA7; 1771), as it now exists
or may hereafter be amended, for conversion;

4. Upon completion of the requirements of the Federal Credit Union Act, the
authorized officers of the federal credit union shall execute a certificate
setting forth the procedures followed, the number of members eligible to vote
and the number voting in favor of the plan of conversion and file said
certificate with the Commission; and

5. When the Commission has determined that all of the requirements of this
section have been complied with, and that the criteria of &#xA7; 6.2-1321 have
been met, the Commission shall authorize the state-chartered credit union to
commence business as of the date it ceases to be a federal credit union. The
successor state-chartered credit union shall be vested with all of the assets
and shall continue to be responsible for all of the obligations of the federal
credit union to the same extent as though the conversion had not taken place.

HISTORY: 1984, c. 352, § 6.1-200.6; 1990, c. 373, § 6.1-225.29; 2010, c. 794.