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(a) A credit union incorporated under AS 06.45 may convert to a federal credit union if it completes the following steps:
(1) adoption of a conversion plan by the board of directors;
(2) notification to the department;
(b) Adoption of Conversion Plan. A conversion plan must be adopted by a majority of the board of directors of the credit union.
(c) Notification to the Department. The department must be notified of the board of directors' action to convert to a federal credit union within 10 days after adoption of the conversion plan by the board of directors. The notice must include a copy of the conversion plan and the estimated timetable for conversion.
(d) Implementation. The board of directors shall keep the department advised as to the status of the conversion and shall, within 10 days after receipt, submit a copy of the federal charter and the credit union's certificate of incorporation under AS 06.45 to the department. If the department is satisfied that the conversion has been properly accomplished, it will terminate the credit union's certificate of incorporation.
History: Eff. 1/21/81, Register 77
Authority: AS 06.45.010
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Last modified 7/05/2006