Section 486. Conversion of a federal credit union into a state credit union

Any  federal credit union having its place of business in this state may
  convert itself into a state credit union. A meeting of the  shareholders
  shall  be  held  upon  not  less  than  ten days' written notice to each
  shareholder, either served personally or mailed to him or her at his  or
  her last known address and containing a statement of the time, place and
  purpose  of such meeting, provided that if the laws of the United States
  prescribe a different period of time or manner of  communicating  notice
  to each shareholder, then a meeting of the shareholders shall be held in
  conformity  with  such  laws.  Proof by affidavit of due service of such
  notice shall be filed in the office of the credit union before or at the
  time of such meeting.
    At such meeting, a majority of the  shareholders  represented  at  the
  meeting  may,  by  an affirmative vote, in person or by proxy, authorize
  the conversion of such  federal  credit  union  into  a  state-chartered
  credit  union,  provided that in the event the laws of the United States
  require a different affirmative vote, such vote shall apply in  lieu  of
  the  affirmative  vote  required  hereby.  A copy of the minutes of such
  meeting, certified by the presiding officer and by the secretary of  the
  meeting,  shall  be  filed  in  the  office of the superintendent within
  thirty days after the date of such meeting.
    There shall be filed with such copy of the  minutes  the  organization
  certificate  required  by  section  four  hundred fifty of this article,
  executed by a majority of the directors, and proposed bylaws as required
  by section four hundred fifty-one of this article.  The  federal  credit
  union   shall   also   submit  a  written  plan  of  conversion  to  the
  superintendent, together with an investigation fee as described pursuant
  to section eighteen-a of this chapter.
    Within sixty days after  such  filing,  or  such  later  date  as  the
  superintendent in his discretion may determine, the federal credit union
  shall take the action prescribed or authorized by the laws of the United
  States  to  effect such conversion and there shall thereupon be filed in
  the office of the superintendent a copy of any consent or  authorization
  required of such federal credit union pursuant to the laws of the United
  States and the state to effect such conversion.
    When   the   superintendent   shall  have  approved  the  organization
  certificate  and  the  proposed  bylaws  and  shall  have   issued   the
  authorization  certificate,  as provided in article two of this chapter,
  the credit union shall cease to be a  federal  credit  union  and  shall
  thereupon  be  converted  into  a  state  credit union, but such federal
  credit union shall  be  deemed  to  be  continued  for  the  purpose  of
  prosecuting or defending suits and of enabling it to wind up its affairs
  as a federal credit union and to dispose of and convey its property.
    At  the  time when such conversion becomes effective, all the property
  of the federal credit union shall immediately by act of law and  without
  any  conveyance  or  transfer become the property of the state-chartered
  credit union and the state-chartered credit union shall succeed  to  all
  the rights, obligations and relations of the federal credit union.