Sec. 41. 9-B MRSA §871, as amended by PL 1979, c. 429, §14, is repealed.

Sec. 42. 9-B MRSA §§871-A and 871-B are enacted to read:

§871-A.__Dissolution

1.__Voluntary dissolution.__This subsection governs the voluntary dissolution of a credit union.

A.__A recommendation may be made that a credit union be dissolved and voluntarily liquidated by majority vote of either the entire membership of the credit union entitled to vote or the board of directors of the credit union.__Within 10 days after recommendation, the credit union shall notify the superintendent, the federal agency that insures the credit union accounts and the credit union members in writing of the recommendation and the reasons for dissolution.__If the entire membership votes to dissolve and voluntarily liquidate the credit union, then no additional votes of the entire membership need be taken.__If the board of directors of the credit union votes to dissolve and voluntarily liquidate the credit union, then a special meeting of the credit union's entire membership must be called, no sooner than 10 days after notice has been mailed to the superintendent.__A majority of the entire membership of the credit union entitled to vote must vote to dissolve and voluntarily liquidate the credit union.__Members may cast their votes by proxy on forms prepared by the board of directors and mailed with the meeting notice.

B.__Whenever there is a recommendation of dissolution pursuant to paragraph A, the board of directors shall provide the superintendent with a plan of dissolution.__The plan of dissolution must set forth the method and schedule for terminating the business of the credit union and may provide for a restriction on withdrawal of shares or withdrawal of share certificates.__Before the 2nd membership vote required in paragraph A may be taken, the board must receive the superintendent's approval of the plan of dissolution.