Title 6, Banks and Banking

Before formation of a cooperative financial institution under this chapter, originating members who wish to associate themselves in a cooperative financial institution shall sign and execute an organization certificate on a form prescribed by the commissioner, which must state: 1…

The organization certificate must be notarized. The authenticated certificate must be transmitted to the state banking board with a request for permission to present the certificate to the secretary of state, with application for the issuance of a certificate of authority, as wel…

1. At the hearing, the board shall inquire whether the originating members have the character, integrity, reputation, and financial standing shown by a detailed financial statement, to demonstrate the establishment of the proposed cooperative financial institution will be benefic…

1. If the state banking board votes to approve the application to organize a cooperative financial institution, the organization certificate and permission of the board must be recorded in the county where the cooperative financial institution will be established and must be tran…

1. Any banking institution, credit union, or financial institution authorized by the commissioner to engage in the business of banking under the laws of this state, laws of the United States, or laws of another state may be converted into a cooperative financial institution. 2. A…

1. A banking institution, credit union, or financial institution may be converted to a cooperative financial institution under this chapter through submission of an application, which must include: a. A statement of the results of the vote to approve the conversion, along with af…

1. A director or senior management official of a converted organization may not receive any economic benefit in connection with a conversion of the converted organization other than reasonable director fees, compensation, and other benefits paid to the directors or senior managem…

The commissioner may adopt rules necessary to carry out the conversion of a banking institution, credit union, or other financial institution to or from a cooperative financial institution under this chapter.

The commissioner shall review the process for the conversion member vote and procedures applicable to the member vote. The commissioner shall report the commissioner's findings to the state banking board. If the commissioner or the state banking board disapproves of the methods b…

1. Each member of the cooperative financial institution is entitled to one vote during regular or special meetings of the membership. 2. Voting may be conducted in-person or digital as outlined in the cooperative financial institution's bylaws. Proxy voting is permitted as author…