Today's Law As Amended


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AB-1227 Credit unions.(2013-2014)



As Amends the Law Today


SECTION 1.

 Section 14101.8 of the Financial Code is amended to read:

14101.8.
 (a) No An  amendment of the articles of a credit union shall not  become effective unless the certificate of amendment or other instrument setting forth the amendment is filed with the Secretary of State with the commissioner’s approval endorsed thereon. The amendment shall become effective upon being filed with the Secretary of State. Promptly after the amendment becomes effective, the credit union shall file with the commissioner a copy of the certificate of amendment or other instrument certified by the Secretary of State.
(b) An amendment of the articles set forth in an agreement of merger that requires the approval of the commissioner shall not be subject to the provisions of subdivision (a). An amendment meeting this criteria shall become effective at the time the merger becomes effective, pursuant to this division.