Form DBO-320 "Plan of Merger - Credit Unions" - California

What Is Form DBO-320?

This is a legal form that was released by the California Department of Business Oversight - a government authority operating within California. As of today, no separate filing guidelines for the form are provided by the issuing department.

Form Details:

  • Released on October 1, 2017;
  • The latest edition provided by the California Department of Business Oversight;
  • Easy to use and ready to print;
  • Quick to customize;
  • Compatible with most PDF-viewing applications;

Download a printable version of Form DBO-320 by clicking the link below or browse more documents and templates provided by the California Department of Business Oversight.

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Download Form DBO-320 "Plan of Merger - Credit Unions" - California

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STATE OF CALIFORNIA – DEPARTMENT OF BUSINESS OVERSIGHT
PLAN OF MERGER – CREDIT UNIONS
DB-320 (Rev. 10-17)
XYZ CREDIT UNION
PLAN OF MERGER
This Plan of Merger is agreed to between
, a (California state-
_______________________________
chartered or federal) credit union ("Surviving Credit Union"), and
____________________________,
a (California state-chartered or federal) credit union ("Disappearing Credit Union"). The parties
agree as follows:
1. The Disappearing Credit Union shall merge with and into the Surviving Credit Union.
2. Each membership in the Disappearing Credit Union shall be converted into a membership
in the Surviving Credit Union. Each membership in the Surviving Credit Union shall remain
a membership in the Surviving Credit Union.
[If applicable:
3. The following amendment to the articles of incorporation of the Surviving Credit Union shall
be effected by the filing of this Plan of Merger:
Article
(insert correct designation) of the articles of incorporation of the Surviving Credit
Union is amended to read as follows:
(Type the article provision as amended)]
[If applicable:
4. The following amendment to the bylaws of the Surviving Credit Union shall be effected by
the filing of this Plan of Merger:
Section
(insert correct designation) of the bylaws of the Surviving Credit Union is
amended to read as follows:
(Type the bylaw provision as amended. For example, if a change in the field of membership of
the surviving credit union will be effected in the merger and if this change requires an
amendment to the bylaws of the surviving credit union, the amendment to the bylaws should
be included in the Plan of Merger. Corporations Code Section 8011)]
[State any other terms and conditions of the Plan of Merger, for example:
5. The articles of incorporation of the Surviving Credit Union, as in effect immediately prior to the
effective date of the merger, shall remain the articles of incorporation of the Surviving Credit
Union.
6. The bylaws of Surviving Credit Union, as in effect immediately prior to the effective date of
the merger, shall remain the bylaws of the Surviving Credit Union.
STATE OF CALIFORNIA – DEPARTMENT OF BUSINESS OVERSIGHT
PLAN OF MERGER – CREDIT UNIONS
DB-320 (Rev. 10-17)
XYZ CREDIT UNION
PLAN OF MERGER
This Plan of Merger is agreed to between
, a (California state-
_______________________________
chartered or federal) credit union ("Surviving Credit Union"), and
____________________________,
a (California state-chartered or federal) credit union ("Disappearing Credit Union"). The parties
agree as follows:
1. The Disappearing Credit Union shall merge with and into the Surviving Credit Union.
2. Each membership in the Disappearing Credit Union shall be converted into a membership
in the Surviving Credit Union. Each membership in the Surviving Credit Union shall remain
a membership in the Surviving Credit Union.
[If applicable:
3. The following amendment to the articles of incorporation of the Surviving Credit Union shall
be effected by the filing of this Plan of Merger:
Article
(insert correct designation) of the articles of incorporation of the Surviving Credit
Union is amended to read as follows:
(Type the article provision as amended)]
[If applicable:
4. The following amendment to the bylaws of the Surviving Credit Union shall be effected by
the filing of this Plan of Merger:
Section
(insert correct designation) of the bylaws of the Surviving Credit Union is
amended to read as follows:
(Type the bylaw provision as amended. For example, if a change in the field of membership of
the surviving credit union will be effected in the merger and if this change requires an
amendment to the bylaws of the surviving credit union, the amendment to the bylaws should
be included in the Plan of Merger. Corporations Code Section 8011)]
[State any other terms and conditions of the Plan of Merger, for example:
5. The articles of incorporation of the Surviving Credit Union, as in effect immediately prior to the
effective date of the merger, shall remain the articles of incorporation of the Surviving Credit
Union.
6. The bylaws of Surviving Credit Union, as in effect immediately prior to the effective date of
the merger, shall remain the bylaws of the Surviving Credit Union.
STATE OF CALIFORNIA – DEPARTMENT OF BUSINESS OVERSIGHT
PLAN OF MERGER – CREDIT UNIONS
DBO–320 (Rev. 10-17) Page 2 of 2
7. The directors and officers of the Surviving Credit Union immediately prior to the effective
date of the merger shall remain the directors and officers of the Surviving Credit Union.
8. Upon consummation of the merger, the Surviving Credit Union shall succeed, without other
transfer, to all the rights and property of the Disappearing Credit Union and shall be subject
to all the debts, liabilities, and obligations of the Disappearing Credit Union in the same
manner as if
incurred by the Surviving Credit Union.
9. All rights of creditors and all liens and trusts upon or arising from the property of the
Surviving Credit Union and the Disappearing Credit Union shall be preserved unimpaired,
provided that the liens and trust obligations upon property of a Disappearing Credit Union
shall be limited to the property affected thereby immediately prior to the time the merger is
effective.
10. Any action or proceeding pending by or against the Disappearing Credit Union may be
prosecuted to judgment, which shall bind the Surviving Credit Union, or the Surviving Credit
Union may be proceeded against or substituted in its place. ]
SURVIVING CREDIT UNION
DISAPPEARING CREDIT UNION
____________________________________________
____________________________________
Signature of Chairman of the Board,
Signature of Chairman of the Board,
President or Vice President
President or Vice President
____________________________________________
_______________________________________
Type Name and Title
Type Name and Title
____________________________________________
_______________________________________
Signature of Secretary or Assistant Secretary)
Signature of Secretary or Assistant Secretary
____________________________________________
_______________________________________
Type Name and Title
Type Name and Title
This sample Plan of Merger is for use by a California credit union merging with another California
credit union or a federal credit union pursuant to Financial Code Section 15201(a) or (b). This sample
is provided only as an illustration of a Plan of Merger. Refer to the requirements of Financial Code
Sections 15200, et seq. and Corporations Code Sections 8010, et seq.
Note: In submitting this Plan, please omit the Department of Business Oversight form header and use
the business letterhead, as appropriate.
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