Conversion of state credit union to federal credit union

A state credit union may convert to a federal credit union by the following procedure: 1. At any meeting of the members called and held in accordance with the Virginia Nonstock Corporation Act (§ 13.1-801 et seq.) to consider such action, the members, by an affirmative vote of those holding and voting two-thirds of the votes present in person or by proxy, may resolve to convert the credit union into a federal credit union; 2. A copy of the minutes of the meeting duly certified by the authorized officer of the credit union shall be transmitted to the Commission; 3. The state credit union shall take such action as is necessary under § 125 (b) of the Federal Credit Union Act (12 U.S.C. § 1771), as it now exists or may hereafter be amended, to make it a federal credit union; 4. It shall file with the Commission a certified copy of the organization certificate approved by the National Credit Union Administration Board; and 5. Upon receipt of the organization certificate the state credit union shall become a federal credit union which shall be vested with all of the assets and shall continue to be responsible for all of the obligations of the state credit union to the same extent as though the conversion had not taken place.