§ 26–509.03. Credit union conversion.

(a) A District credit union may be converted to a federal credit union or a foreign credit union, subject to rules issued by the Commissioner and applicable laws governing the prospective chartering jurisdiction.

(b) A federal credit union or a foreign credit union may convert to a District credit union incorporated under this subchapter if the converting federal or foreign credit union complies with all requirements of its current chartering jurisdiction and the requirements of the Commissioner and files proof of such compliance with the Commissioner.