A credit union organized under the laws of the United States or of another state may convert to a credit union organized under the laws of this state by complying with:

1. (1) the requirements of the jurisdiction under which the converting credit union is organized; and
2. (2) commission rules.

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