1. (a) Domestic converting associations.— Except as provided in section 318 (relating to excluded entities and transactions) or this section, by complying with this chapter:

   1. (1) A domestic entity may become a domestic entity of a different type or a domestic banking institution.
   2. (2) A domestic banking institution may become a domestic association of a different type.
   3. (3) A domestic entity may become a foreign association of a different type, if the conversion is authorized by the laws of the foreign jurisdiction.
2. (b) Foreign converting associations.— By complying with the applicable provisions of this subchapter, a foreign association may become a domestic entity of a different type if the conversion is authorized by the laws of the jurisdiction of formation of the foreign association.
3. (c) Protected governance agreements.— If a protected governance agreement that is binding on a domestic entity immediately before the effectiveness of a transaction under this chapter contains a provision that applies to a merger of the entity but does not refer to a conversion, the provision shall apply to a conversion of the entity as if the conversion were a merger until the provision is amended after July 1, 2015.

4. (d) Exceptions.— This subchapter may not be used to accomplish a transaction that has the same effect as a transaction under any of the following provisions:

   1. (1) Section 7104 (relating to election of an existing business corporation to become a cooperative corporation).
   2. (2) Section 7105 (relating to termination of status as a cooperative corporation for profit).
   3. (3) Section 7106 (relating to election of an existing nonprofit corporation to become a cooperative corporation).
   4. (4) Section 7107 (relating to termination of nonprofit cooperative corporation status).
5. (e) Cross reference.— See section 314 (relating to regulatory conditions and required notices and approvals).

Cross References. Section 351 is referred to in section 1106 of this title.