N.Y. Banking Law § 487: Conversion of a credit union into a federal credit union

§ 487. Conversion of a credit union into a federal credit union. Any

credit union may convert itself into a federal credit union. A meeting

of the shareholders of the credit union shall be held upon not less than

ten days' written notice to each shareholder, either served personally

or mailed to him or her at his or her last known address and containing

a statement of the time, place and purpose of such meeting. Proof by

affidavit of due service of such notice shall be filed in the office of

the credit union before or at the time of such meeting.

At such meeting, a majority of the shareholders represented at the

meeting may, by an affirmative vote in person or by proxy, authorize the

conversion of such credit union into a federal credit union. A copy of

the minutes of such meeting, certified by the presiding officer and by

the secretary of the meeting, shall be filed in the office of the

superintendent within two days thereafter.

Within sixty days after the date of such meeting, or such later date

as the superintendent in his discretion may determine, the credit union

shall take such action, in the manner prescribed or authorized by the

laws of the United States, as shall make it a federal credit union and

shall thereupon file in the office of the superintendent a copy of the

charter or authorization issued to it. Upon such filing the credit union

shall cease to be a corporation under the laws of this state, except

that its corporate existence shall continue for the purpose of

prosecuting or defending suits and of enabling it to wind up its affairs

as a state credit union and to dispose of and convey its property. At

the time when such conversion becomes effective, all of the property of

the state credit union shall immediately by act of law and without any

conveyance or transfer become the property of the federal credit union

and the federal credit union shall thereupon succeed to all the rights,

obligations and relations of the state credit union.