§ 1103. Merger and consolidation authorized.
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§ 1103. Merger and consolidation authorized.
(a)General rule.-- A credit union subject to this title may merge or consolidate with other credit unions, with Federal credit unions, with out-of-State credit unions or with a combination of other credit unions, Federal credit unions and out-of-State credit unions to form a credit union, Federal credit union or out-of-State credit union.
(b)Approvals and conditions.-- Before merging or consolidating, the credit unions involved must obtain prior approval from the department. In the case of a merger or consolidation with a Federal credit union, the merger or consolidation shall be made pursuant to Federal law in addition to the provisions of this title. In the case of a merger or consolidation with an out-of-State credit union, the merger or consolidation shall be made pursuant to the credit union law of the state of incorporation of the out-of-State credit union or, if credit unions incorporated in different states are involved, pursuant to the credit union laws of the various states of incorporation of the out-of-State credit unions in addition to the provisions of this title.
17c1103v
(Dec. 9, 2002, P.L.1572, No.207, eff. 60 days)
2002 Amendment. Act 207 amended subsec. (b).
17c1104s