NRS678.800. Merger; fees set by regulation; regulations.

      1.  Any credit union may, with the approval of the Commissioner, merge with another credit union under the existing charter of the other credit union, pursuant to any plan agreed upon by the majority of the board of each credit union joining in the merger and approved by the affirmative vote of:

      (a) A majority of the members of the merging credit union present at a meeting called for that purpose; or

      (b) A majority of the members of the merging credit union voting by mail on the question.

      2.  After agreement by the directors of each credit union and approval by the members of the merging credit union, the chair and secretary of each credit union shall execute a certificate of merger, which must set forth:

      (a) The time and place of the meeting of the board of directors at which the plan was agreed upon;

      (b) The vote in favor of adoption of the plan;

      (c) A copy of the resolution or other action by which the plan was agreed upon;

      (d) The circumstances of the vote in which the members approved the plan agreed upon, if a vote was required; and

      (e) The vote by which the plan was approved by the members, if a vote was required.

      3.  A copy of each of the certificates executed pursuant to subsection 2 and a copy of the plan of merger agreed upon by the credit unions joining in the merger must be forwarded to the Division of Financial Institutions for certification and returned to the credit unions within 30 days.

      4.  After a merger is effected, all property, property rights and interest of the merged credit union vest in the surviving credit union without deed, endorsement or other instrument of transfer, and all debts, obligations and liabilities of the merged credit union are deemed to be assumed by the surviving credit union under whose charter the merger was effected.

      5.  If the surviving credit union is to be a credit union chartered in accordance with the laws of this state, the application for approval of the merger must be accompanied by an application fee in an amount prescribed by regulation of the Commissioner. The applicant shall also pay such additional expenses incurred in the process of investigation as the Commissioner deems necessary. All money received by the Commissioner pursuant to this subsection must be placed in the Investigative Account created by NRS 232.545.

      6.  The Commissioner shall adopt regulations pursuant to which he or she may order any credit union chartered in accordance with the provisions of this chapter to merge with:

      (a) Another credit union chartered in accordance with the provisions of this chapter; or

      (b) A credit union chartered in accordance with the laws of another state or of the United States, if a majority of the board of that credit union approves the merger,

Ê when he or she determines that the merger is in the best interest of the members of the merging credit union.

      7.  This section is to be liberally construed to permit a credit union chartered in accordance with this chapter to merge with a credit union chartered in accordance with this chapter or any other provisions of law.

      (Added to NRS by 1975, 392; A 1983, 1329, 1642, 1837, 2019; 1987, 2021; 1991, 1816)