Effective 28 Aug 1967
370.158. Court may approve or modify reorganization or merger plan. — 1. The director may submit to the court for approval, modification or disapproval any proposed reorganization or merger of the credit union with another credit union.
2. The court may submit the proposed reorganization or merger to the members for approval or disapproval; but the action of the members thereupon shall be only advisory to and not binding upon the court. The court may direct and cause the director to do any and all things necessary to finally complete any sale of assets, reorganization or merger.
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(L. 1967 p. 509)
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