2012 Idaho Statutes
Title 26 - BANKS AND BANKING
Chapter 21 - IDAHO CREDIT UNION ACT
Section 26-2132 - MERGER.
(a) The time and place of the meeting of the board of directors at which the plan was agreed upon.
(b) The vote in favor of adoption of the plan.
(c) A copy of the resolution or other action by which the plan was agreed upon.
(d) The time and place of the meeting of the members at which the plan agreed upon was approved.
(e) The vote by which the plan was approved by the members.
Such certificates and a copy of the plan of the merger shall be forwarded to the director and if approved, a copy of the certificate shall be filed with the county clerk of the county in which each credit union participating in the merger has its principal place of business, and then filed with the director, whereupon the charter of the merged credit union as a legal entity separate from the surviving credit union shall terminate.
Upon any such merger so affected, all property, property rights, and interests of the merged credit union, shall vest in the surviving credit union without deed, endorsement or other instrument of transfer, and all debts, obligations and liabilities of the merged credit union shall be deemed to have been assumed by the surviving credit union whose charter the merger has affected.
This section shall be construed, when possible, to permit a credit union chartered under the Federal Credit Union Act to merge with one chartered under this chapter, or to permit one chartered under this chapter to merge with one chartered under the Federal Credit Union Act.
History:
[26-2132, added 1977, ch. 213, sec. 2, p. 601.]
Disclaimer: These codes may not be the most recent version. Idaho may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.