1301:9-2-39 Charter conversion.

(A) Any state chartered credit union may convert to a federally chartered credit union and any federally chartered credit union domiciled in Ohio may convert to a state 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 or state charter; and

(6) Any other information the superintendent requires.

(C) If a credit union is federally chartered and converting to a state chartered credit union, the following information shall be submitted in addition to the items listed in paragraph (B) of this rule:

(1) A completed application for a federally chartered credit union to convert to a state chartered credit union by means prescribed by the superintendent; and

(2) Additional supporting documents including:

(a) A copy of the credit union's bylaws;

(b) The proposed initial articles of incorporation and code of regulations;

(c) All items listed in the conversion application; and

(d) Any other information the superintendent requires.

(D) If the proposed conversion also involves an insurance conversion, the credit union shall refer to the national credit union administration's rules and regulations for conversion of insurance.

(E) 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.

(F) 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.

Effective: 03/22/2012
R.C. 119.032 review dates: 12/29/2011 and 03/22/2017
Promulgated Under: 119.03
Statutory Authority: 1733.41
Rule Amplifies: 1733.341
Prior Effective Dates: 8/3/93, 7/10/98