A credit union organized under K.S.A. 17-2201 to 17-2221, both sections inclusive, and acts amendatory thereof and supplemental thereto, may
be converted into a federal credit union by complying with the following requirements:
(a) The proposition for such conversion shall first be approved by a majority of the
directors of the credit union. The proposition then shall be submitted to a vote of its members, the notice of which
shall be in writing and shall be delivered in person to each member, or shall be mailed
to each member at the address for such member appearing on the records of the credit
union, not more than 30 nor less than seven days prior to the time of the vote. Approval of the proposition for conversion shall be by the affirmative vote of a majority
of the members voting on the proposition.
(b) A copy of a statement of the results of the vote, verified by the affidavits of
the executive officer of the board and the secretary of the board, shall be filed
with the administrator within 10 days after the vote.
(c) Promptly after the vote is taken and in no event later than 90 days after such
vote, the credit union shall take such action as may be necessary under the federal
credit union act to make it a federal credit union, and within 10 days after receipt
of the federal credit union charter there shall be filed with the administrator a
copy of the charter thus issued. Upon such filing the credit union shall cease to be a state credit union.
(d) Upon ceasing to be a state credit union, such credit union shall no longer be
subject to any of the provisions of the state law under which the credit union was
organized. The successor federal credit union shall be vested with all of the assets and shall
continue responsible for all of the obligations of the state credit union to the same
extent as though the conversion had not taken place.
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