TITLE XXXV BANKS AND BANKING; LOAN ASSOCIATIONS; CREDIT UNIONS
CHAPTER 383-E CREDIT UNION ACT
ARTICLE 11 Conversions
Section 383-E:11-1102
383-E:11-1102 Federal Credit Union to State Credit Union. –
A federal credit union may be converted into a state credit union by complying with such requirements of this chapter as would have enabled it to have originally qualified for organization as a state credit union. When the commissioner has been satisfied that the requirements, and all other requirements of this chapter, have been complied with, he shall approve the organization certificate. Upon approval, the federal credit union shall become a state credit union as of the date it ceases to be a federal credit union. The state credit union shall be vested with all of the assets and shall continue responsible for all of the obligations of the federal credit union to the same extent as though the conversion had not taken place.