Approval of the merger proposal by members.

CFR · 2024-01-01 · US · Title 12

(a) (b) (1) A statement of the purpose of the meeting and the time and place; (2) A statement that members may vote on the merger proposal in person or by mail ballot (or electronically, if the credit union's Bylaws so permit) received by the merging credit union no later than the date and time announced for the member meeting called to vote on the merger proposal; (3) A statement about the availability of a website where members of the merging credit union can share comments and questions about the merger pursuant to paragraph (d) of this section; (4) A summary of the merger plan, including but not necessarily limited to: (i) A statement that the merging credit union does or does not have a higher net worth percentage than the continuing credit union; (ii) A statement as to whether the members of the merging credit union will receive a share adjustment or other distribution of reserves or undivided earnings, including a summary of reasons for the decision and, at the merging credit union's discretion, a short explanation about the capital level; (iii) An explanation of any changes to ATM access or to services such as life savings protection insurance or loan protection insurance; (iv) If the continuing credit union is not federally insured, an explanation of any changes related to federal share insurance; and (v) A detailed description of all merger-related financial arrangements. This description must include the recipient's name and title as well as, at a minimum, the amou

official document · source cfr-2024 · id 12:§ 708b.106