(a) In reviewing an application for conversion, the Commissioner shall determine:
(1) Whether, after conversion, the credit union will be in sound financial condition and will be soundly managed; and
(2) That no person will receive any inequitable gain or advantage by reason of the conversion.
(b) An application for conversion may only be approved if it is found that:
(1) The converting mutual association has met the requirements of Title 6 of this article;
(2) The converting mutual association will qualify for share insurance by the Credit Union Insurance Corporation or the National Credit Union Administration Share Program;
(3) The converting mutual association has credited to the reserve fund 6 percent of its risk assets; and
(4) The public interest will be promoted by allowing the mutual association to convert to a credit union.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
