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2017 South Carolina Code of Laws
Title 34 - Banking, Financial Institutions and Money
CHAPTER 26 - SOUTH CAROLINA CREDIT UNION ACT
Section 34-26-1220. Conversion of credit union to organization under laws of another state or United States; requirement of member approval.
Universal Citation: SC Code § 34-26-1220 (2017)
A credit union incorporated under the laws of this State may be converted to a credit union organized under the laws of any state or under the laws of the United States, or a credit union organized under the laws of the United States or of any other state may convert to a credit union incorporated under the laws of this State. To effect such a conversion, a credit union must receive the approval of a two-thirds majority of the members voting in accordance with the credit union's bylaws on the question of a charter conversion and upon the approval of the credit union's current and future regulator.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
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