Modifies requirements for notices to credit union members of certain mergers.
The bill amends the requirements for notices to credit union members regarding certain mergers. It specifies that the plan of merger must include the names of the constituent and surviving credit unions, terms and conditions of the merger, and the manner of converting membership shares. The director must grant final approval of the plan if all requirements are met. The surviving credit union is liable for any obligations of the constituent credit unions. The bill also outlines the process for approving the plan of merger by the credit union board and the members.
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