The following process shall be followed for conversion from a federal credit union to a state credit union and vice versa:

1. (1) The directors of a converting federal credit union shall complete and file the following with OFR:

   1. (a) Form OFR-U-67, Application To Convert A Federal Credit Union To A Florida Credit Union, (revised 10/2006), which is hereby incorporated by reference, and proposed bylaws on Form OFR-U-61, Model Credit Union Bylaws (revised 10/2006), which is hereby incorporated by reference, copies of which shall be submitted to the National Credit Union Administration and copies of which shall be retained by the directors.
   2. (b) A copy of the minutes of the meeting of directors approving the conversion and a copy of the minutes of the meeting of the membership approving the conversion. These minutes shall indicate compliance with Section 657.066, F.S.
   3. (c) OFR shall be authorized to conduct an examination of the applicant federal credit union prior to conversion.

2. (2) The directors of a converting state credit union shall notify OFR and the National Credit Union Administration of the:

   1. (a) Action of the board of directors proposing the conversion;
   2. (b) Action of the membership on the question of conversion; and,
   3. (c) Effective date of the conversion.
3. (3) All forms referenced in this rule may be obtained from the Office of Financial Regulation’s website (www.flofr.gov) or by mail by submitting a request to Office of Financial Regulation, Division of Financial Institutions, 200 East Gaines Street, Tallahassee, Florida 32399-0371.

Rulemaking Authority 655.012(2) FS. Law Implemented 657.066 FS. History–New 10-13-81, Formerly 3C-30.37, 3C-30.037, Amended 10-8-95, Formerly 3C-110.066, Amended 3-6-07.