(a) Nothing contained in the law of this State restricts the right of a credit union organized under this title to merge into a continuing federal credit union. The corporate action to be taken by the Vermont credit union and its rights and liabilities and those of its members are the same as those prescribed in section 34101 of this title, except that approval of the Commissioner is not required.

(b) Upon the effective date of the merger, the authority of the participating Vermont credit union shall terminate automatically. The continuing federal credit union shall notify the Secretary of State of the termination. (Added 2005, No. 16, § 1, eff. July 1, 2005.)