Alaska Administrative Code
Title 3 - Commerce, Community, and Economic Development
Part 1 - Banking, Securities, Small Loans and Corporations
Chapter 03 - Credit Unions
Article 4 - Reorganization, Liquidation and Dissolution
3 AAC 03.310 - Merger
Current through February 24, 2025
(a) Any proposed credit union merger of a state chartered or federally chartered credit union with a credit union established under AS 06.45 must be accomplished under a merger plan filed with and approved by the department.
(b) A merger may be accomplished if the following procedures are completed:
(c) Adoption of Merger Plan. A majority of the board of directors of each credit union must, by resolution adopted by each board, approve a merger plan which sets out:
(d) Notification to the Department. The board of directors of each credit union must notify the department of its action on a proposed merger. The notice must include
(e) Investigation and Notice of Intent. The department will conduct an investigation of the application and, if the department finds that the application is in order and that the merger proposal complies with state law and regulations, it will issue a public notice of the department's intent to approve the merger and to issue a certificate of merger and authority. The notice must inform the public of the date by which opposition in writing to the department's approved action must be received.
(f) Approval of Meeting Notice. If the department determines that the proposed notice of meeting is adequate, the department will issue an approval and return the notice to the appropriate credit union for distribution.
(g) Membership Meetings. Members of the credit unions must vote on the merger proposal at separate meetings to be held within 120 days after the department's approval of the proposed merger. The merger proposal must be approved by an affirmative vote of a majority of the members of a credit union organized under AS 06.45 present at a meeting called to approve the plan. The boards of directors of the credit unions shall promptly notify the department of the results of the membership vote. The credit unions must also provide the department with the following:
(h) Final Determination. If the department does not receive a request for hearing within the time specified in the public notice required by (e) of this section, or determines after a hearing that the application is in order and all requirements have been met, the department will approve the application and issue a certificate of merger and authority.
(i) Implementation.
Authority:AS 06.45.010
AS 06.45.290