§ 6-806. Assumption of liabilities of another credit union

Latest version.

   With the approval of the Commissioner, a credit union may purchase the assets or assume the liabilities of another credit union whether or not the credit unions have the same field of membership type, if:

   (1) The other credit union is insolvent or likely to become insolvent;

   (2) The purchase or assumption is in the best interest of the membership of the other credit union; and

   (3) The purchase or assumption will not adversely affect the financial condition of the credit union that makes the purchase or assumption.

HISTORY: 2001, ch. 147, § 1; ch. 148, § 1.

                    
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