1. (a) A credit union may merge or consolidate with another credit union, under the other credit union's existing articles of incorporation or otherwise, if:

   1. (1) the merger or consolidation is in accordance with commission rules and approved by the commissioner; and

   2. (2) the merger or consolidation takes place under a plan that has been:

      1. (A) agreed to by a majority of the board of each credit union joining in the merger or consolidation; and
      2. (B) approved by a majority of the members of each credit union voting at a meeting of its members called for that purpose.
2. (b) The commissioner may waive the requirement that the members of each credit union approve the plan.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.