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<section article="gfi" article_name="Financial Institutions" number="6-804" title_number="6" title_name="Credit Unions" subtitle_number="8" subtitle_name="Extraordinary Actions">
  <level label="a">
    <text>Any credit union may dissolve voluntarily, if the board, the members of the credit union, and the Commissioner approve the dissolution as provided in this section.</text>
  </level>
  <level label="b">
    <text>A majority of the board of a credit union proposing to dissolve shall adopt a resolution that:</text>
    <level label="1">
      <text>Recommends that the credit union be dissolved voluntarily; and</text>
    </level>
    <level label="2">
      <text>Directs that a proposal of dissolution be submitted to the members.</text>
    </level>
  </level>
  <level label="c">
    <level label="1">
      <text>A proposed dissolution shall be approved at an annual or special meeting of the members or by mail ballot by the affirmative vote of two-thirds of the entire membership of the credit union.</text>
    </level>
    <level label="2">
      <text>The Commissioner may substitute any reasonable method of determining the vote of the members.</text>
    </level>
  </level>
  <level label="d">
    <text>After a proposed dissolution is approved by the members, the credit union shall file with the Commissioner:</text>
    <level label="1">
      <text>A copy of the resolution of the board recommending voluntary dissolution, attested to by:</text>
      <level label="i">
        <text>The chairman or vice chairman of the board; and</text>
      </level>
      <level label="ii">
        <text>The secretary or treasurer of the credit union;</text>
      </level>
    </level>
    <level label="2">
      <text>A verified statement of the names and addresses of the officers and directors of the credit union; and</text>
    </level>
    <level label="3">
      <text>The vote by which the voluntary dissolution was approved by the members.</text>
    </level>
  </level>
  <level label="e">
    <level label="1">
      <text>If the Commissioner finds that the credit union is solvent, the Commissioner shall issue to the credit union duplicate certificates stating that the credit union appears to have complied with this section.</text>
    </level>
    <level label="2">
      <text>The credit union shall file one of the certificates with the State Department of Assessments and Taxation.</text>
    </level>
  </level>
  <level label="f">
    <text>When the certificate is filed with the State Department of Assessments and Taxation, the credit union is dissolved.</text>
  </level>
  <level label="g">
    <level label="1">
      <text>On dissolution, a credit union may operate only to wind up its business and affairs.</text>
    </level>
    <level label="2">
      <text>Under the direction of the Commissioner, the liquidating agent of the dissolved credit union, appointed by the board, shall:</text>
      <level label="i">
        <text>Discharge its debts and obligations;</text>
      </level>
      <level label="ii">
        <text>Collect and distribute its assets; and</text>
      </level>
      <level label="iii">
        <text>Do anything else necessary to wind up its business and affairs.</text>
      </level>
    </level>
    <level label="3">
      <text>For 3 years after the dissolution becomes effective, the credit union, acting by its board and liquidating agent:</text>
      <level label="i">
        <text>Shall continue in existence for the purpose of winding up its business and affairs; and</text>
      </level>
      <level label="ii">
        <text>May sue and be sued in its name.</text>
      </level>
    </level>
  </level>
</section>
