Statute · California Financial Code
Cal. Fin. Code § 15358 — Conversion of Federal Credit Union
Cal. Fin. Code § 15358
- Type
- Statute
- Source
- California Financial Code
- Jurisdiction
- California
- Current through
- Nov 2, 2026 (California Legislative Counsel)
Upon the filing of the articles of incorporation with the Secretary of State and the issuance of a certificate by the commissioner authorizing the federal credit union to act as a credit union under the laws of this state, the credit union ceases to be a federal credit union and is a credit…
Citator
Cal. Fin. Code § 15358 — Conversion of Federal Credit Union is in force in the current edition of the Code, and nothing recorded condemns it.
Upon the filing of the articles of incorporation with the Secretary of State and the issuance of a certificate by the commissioner authorizing the federal credit union to act as a credit union under the laws of this state, the credit union ceases to be a federal credit union and is a credit union under the laws of this state. All of the property of the credit union immediately, by operation of law and without any further act, is vested in the credit union under its new name and existence as a credit union under the laws of this state.