Made available by
Touch N' Go Systems, Inc., and the
Law Offices of James B. Gottstein.
You can also go to The Alaska Legal Resource Center or search the entire website search.
(a) A federal credit union may convert to a credit union incorporated under AS 06.45 if it completes the following steps:
(1) adoption of a conversion plan;
(2) notification to the department;
(3) investigation by the department and notice of intent;
(4) approval by membership, if required;
(5) final determination; and
(b) Adoption of Conversion Plan. A conversion proposal must be adopted by the board of directors.
(c) Notification to the Department. The board of directors must submit the following to the department:
(1) the conversion plan adopted by the board of directors;
(2) an application for certificate of incorporation and authority using the provisions of 3 AAC 03.220(d) of this chapter as a guide;
(3) authorization for the department to conduct an examination of the credit union and for compensation as provided under AS 06.01.010 (b).
(d) Investigation by the Department and Notice of Intent. The department will conduct an investigation of the application and, if the department finds that the application is in order, it will issue a public notice of the department's intent to approve the incorporation of the credit union under AS 06.45 and to issue a certificate of conversion and authority. The notice shall advise the public of the date by which opposition in writing to the conversion must be submitted to the department.
(e) Repealed 8/9/85.
(f) Final Determination. If the department does not receive a request for hearing within the time specified in the public notice required by (d) of this section, or determines after a hearing that the application is in order and all conditions imposed by the department have been met, the department will approve the application and issue a certificate of conversion and authority.
(g) Implementation. A certificate of conversion and authority to conduct credit union business will be issued upon the department's receipt of evidence that NCUA has given approval of insurance of accounts for the converted credit union as a state-chartered credit union. The converted credit union will be vested with all of the assets and will 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: Eff. 1/21/81, Register 77; am 8/9/85, Register 95
Authority: AS 06.01.020
Note to HTML Version:
The Alaska Administrative Code was automatically converted to HTML from a plain text format. Every effort has been made to ensure its accuracy, but neither Touch N' Go Systems nor the Law Offices of James B. Gottstein can be held responsible for any possible errors. This version of the Alaska Administrative Code is current through June, 2006.
If it is critical that the precise terms of the Alaska Administrative Code be known, it is recommended that more formal sources be consulted. Recent editions of the Alaska Administrative Journal may be obtained from the Alaska Lieutenant Governor's Office on the world wide web. If any errors are found, please e-mail Touch N' Go systems at E-mail. We hope you find this information useful. Copyright 2006. Touch N' Go Systems, Inc. All Rights Reserved.
Last modified 7/05/2006