NAC678.180. Conversion from federal to state charter.

     1. A federal credit union desiring to convert to a state-chartered credit union must provide the Commissioner with the following:

     (a) A confidential report of the credit union’s officials, with their social security numbers;

     (b) The completed forms for filing articles of incorporation with the Secretary of State;

     (c) An agreement to serve, executed by the board of directors, and, if applicable, by the credit committee and supervisory committee;

     (d) A copy of the last three monthly financial and statistical reports;

     (e) A copy of the last two year-end financial and statistical reports furnished to the National Credit Union Administration;

     (f) A copy of the delinquent loan schedule as of the last month’s end, accompanied by notations on the collectibility of each loan;

     (g) A copy of the last audit report of the credit union’s supervisory committee;

     (h) A copy of the last examination report of the National Credit Union Administration; and

     (i) Any other information the Commissioner may consider necessary or desirable.

     2. Within 30 days after receipt of the items listed in subsection 1, the Commissioner will inform the credit union, in writing, of his decision provisionally to accept or not to accept the credit union’s conversion.

     3. If the Commissioner has provisionally accepted the conversion of a credit union from a federal to a state charter, he will issue a charter to the credit union upon a satisfactory demonstration by the credit union that it has completed all of the conversion requirements imposed upon it by the National Credit Union Administration.

     [Comm’r of Credit Unions, § M, eff. 12-14-78; renumbered as § N, 2-6-81]—(NAC A by Admstr. of Financial Institutions, eff. 6-29-84; A by Comm’r of Financial Institutions by R002-00, 3-13-2000)