{"data":{"id":"us-ok/okla.-stat.-tit.-6-6-2018","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 6, § 6-2018","heading":"Voluntary dissolution","body":"A credit union may elect to dissolve voluntarily and liquidate\n\nits affairs. The process of voluntary dissolution shall be as\n\nfollows:\n\n(A) The board of directors shall adopt a resolution\n\nrecommending the credit union be dissolved voluntarily, and\n\ndirecting that the question of dissolution be submitted to the\n\nmembers. For a credit union to enter voluntary dissolution,\n\napproval by a majority of the members in writing or by a simple\n\nmajority vote of the members at a regular or special meeting of the\n\nmembers is required. Where authorization for dissolution is to be\n\nobtained at a meeting of the members, notice in writing shall be\n\ngiven to each member, by first-class mail, at least ten (10) days\n\nprior to such meeting.\n\n(B) Within ten (10) days after the board of directors decides\n\nto submit the question of dissolution to the members, the president\n\nshall notify the Bank Commissioner and any government agency or\n\nother organization insuring member accounts thereof in writing,\n\nsetting forth the reasons for the proposed dissolution. Within ten\n\n(10) days after the members act on the question of dissolution, the\n\npresident shall file with the Bank Commissioner a statement of their\n\nconsent to dissolution, attested by a majority of the officers and\n\nincluding the names and addresses of the officers and directors, and\n\nshall notify any government agency or other organization insuring\n\nmember accounts in writing as to the action of the members on the\n\nproposal. As soon as the board of directors decides to submit the\n\nquestion of dissolution to the members, payments on shares or\n\ndeposits, withdrawal of shares or deposits, making any transfer of\n\nshares or deposits to loans and interest, making investments of any\n\nkind and granting loans may be suspended, only with the approval of\n\nthe Bank Commissioner, pending action by members on the proposal to\n\ndissolve. On approval by the members of such proposal, all such\n\nbusiness transactions shall be permanently discontinued. Necessary\n\nexpenses of operation shall, however, continue to be paid on\n\nauthorization of the board of directors or liquidating agent during\n\nthe period of dissolution.\n\n(C) The Bank Commissioner shall determine whether or not the\n\ncredit union is solvent. If the credit union is solvent, the Bank\n\nCommissioner shall issue in duplicate a certificate to the effect\n\nthat this section has been complied with.\n\n(D) The certificate shall be filed with the Secretary of State,\n\nand a certified copy thereof filed in the office of the county clerk\n\nof the county in which the credit union is located, whereupon said\n\ncredit union shall cease to carry on business, except for the\n\npurpose of liquidation and distribution of its assets.\n\n(E) The credit union shall continue in existence for the\n\npurpose of discharging its debts, collecting and distributing its\n\nassets, and doing all other acts required in order to wind up its\n\nbusiness, and may sue and be sued for the purpose of enforcing such\n\ndebts and obligations until its affairs are fully adjusted. The\n\nboard of directors or, in the case of involuntary dissolution, the\n\nliquidating agent shall use the assets of the credit union to pay;\n\nfirst, expenses incidental to liquidation including any surety bond\n\nthat may be required; and second, any liability due nonmembers.\n\nAssets then remaining, if any, shall be distributed to the members\n\nproportionately to the combined shares and deposits held by each\n\nmember as of the date dissolution was voted, unless otherwise\n\nprovided in the bylaws.","path":["OK Code","Title 6"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os6.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"7241c93b725a8aa2fbe1b244bf4d280d9b0c651ea1ccf522cb2bb9ecfb446c1d","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-6-6-2017","next":"us-ok/okla.-stat.-tit.-6-6-2018.1"},"notice":"GroundRules: Original legal text. Not legal advice."}