A federal credit union, organized under the federal Credit Union Act, may be converted into a state credit union by:(1) Complying with all federal requirements requisite to enabling it to convert to a state credit union or cease being a federal credit union;(2) Filing with the commissioner proof of compliance, satisfactory to the commissioner;(3) Filing with the commissioner the articles of incorporation and bylaws required by state credit unions; and(4) The commissioner, when satisfied that all of the requirements, and all other requirements of the state Credit Union Act have been complied with, shall issue a certificate of approval of the charter of incorporation and of the bylaws. Upon approval, the federal credit union shall become a state credit union as of the date it ceases to be a federal credit union. The state credit union shall be vested with all of the assets and shall continue to be responsible for all of the obligations of the federal credit union to the same extent as though the conversion had not taken place.Acts 1963, ch. 31, § 2; 1973, ch. 294, § 6; T.C.A., §§ 45-1832, 45-4-1203.
Tennessee Legal Code