Board of directors' approval and members' opportunity to comment.

CFR · 2024-01-01 · US · Title 12

(a) (1) Conduct a well-publicized merger auction and obtain purchase quotations from at least three banks, two or more of which must be stock banks; or (2) Retain a qualified appraisal entity to analyze and estimate the merger value of the credit union. (b) (1) No later than 30 days before a board of directors votes on a proposal to merge, it must publish a notice in a general circulation newspaper, or in multiple newspapers if necessary, serving all areas where the credit union has an office, branch, or service center. It must also post the notice in a clear and conspicuous fashion in the lobby of the credit union's home office and branch offices and on the credit union's Web site, if it has one. If the notice is not on the home page of the Web site, the home page must have a clear and conspicuous link, visible on a standard monitor without scrolling, to the notice. (2) The public notice must include the following: (i) The name and address of the credit union; (ii) The name and type of institution into which the credit union's board is considering a proposal to merge; (iii) A brief statement of why the board is considering the merger and the major positive and negative effects of the proposed merger; (iv) A statement that directs members to submit any comments on the proposal to the credit union's board of directors by regular mail, electronic mail, or facsimile; (v) The date on which the board plans to vote on the proposal and the date by which members must submit their com

official document · source cfr-2024 · id 12:§ 708a.303