1301:9-2-39 Charter conversion.

(A) Any state chartered credit union may convert to a federally chartered credit union subject to the approval of the superintendent.

(B) A credit union must submit the following documents to the superintendent for approval to convert to a federally chartered credit union:

(1) A letter requesting conversion and stating the reasons for the conversion;

(2) A copy of the application to convert submitted to the national credit union administration;

(3) A resolution adopted by a majority of the board of directors of the credit union stating its intention to convert;

(4) A certified copy of the results of the membership vote;

(5) A copy of the national credit union administration’s final approval to convert to a federal charter; and

(6) Any other information the superintendent requires.

(C) The superintendent shall not approve any proposed conversion by a state chartered credit union if:

(1) The superintendent has not received all of the required documents; or

(2) The credit union has not paid all supervisory or other fees due to the division of financial institutions before the proposed date of the conversion.

(D) A federally chartered credit union operating in this state may convert to a credit union organized under Chapter 1733. of the Revised Code subject to the approval of the superintendent. An application for a charter conversion shall be made in the form prescribed by the division and shall include all of the information required by the superintendent.

(E) A credit union which applies to the division for a charter conversion may appeal an adverse decision by the superintendent in accordance with sections 119.01 to 119.13 of the Revised Code.

R.C. 119.032 review dates: 03/17/2006 and 11/15/2010

Promulgated Under: 119.03

Statutory Authority: 1733.41

Rule Amplifies: 1733.41

Prior Effective Dates: 7/10/98