1. (a) The converting credit union shall file articles of mutual bank conversion, approved in writing by the director, with the secretary of state.
2. (b) The effective date of the mutual bank conversion is the date and time that the approved articles of mutual bank conversion are filed with the secretary of state, unless a later effective date is specified in the articles of mutual bank conversion.
3. (c) The converting credit union shall record a copy of the articles of mutual bank conversion with the county recorder of the county where the principal office of the mutual bank is located.

As added by P.L.62-1999, SEC.2.