1. (1) The other credit union is insolvent or likely to become insolvent;
2. (2) The purchase or assumption is in the best interest of the membership of the other credit union; and
3. (3) The purchase or assumption will not adversely affect the financial condition of the credit union that makes the purchase or assumption.

With the approval of the Commissioner, a credit union may purchase the assets or assume the liabilities of another credit union whether or not the credit unions have the same field of membership type, if:

Added by Acts 2001, c. 147, § 1, eff. Oct. 1, 2001; Acts 2001, c. 148, § 1, eff. Oct. 1, 2001.