Section 6-806 - Assumption of Liabilities of Another Credit Union

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.