Page:United States Statutes at Large Volume 112 Part 2.djvu/35

 PUBLIC LAW 105-219—AUG. 7, 1998 112 STAT. 919 her audit services with respect to that audit, the audit shall be performed consistent with the accountancy laws of the appropriate State or jurisdiction, including licensing requirements.", (b) TECHNICAL AND CONFORMING AMENDMENT. —Section 202(a)(6)(B) of the Federal Credit Union Act (12 U.S.C. 1782(a)(6)(B)) is amended by striking "subparagraph (A)" and inserting "subparagraph (A) or (D)". SEC. 202. CONVERSION OF INSURED CREDIT UNIONS. Section 205(b) of the Federal Credit Union Act (12 U.S.C. 1785(b)) is amended— (1) in paragraph (1), by striking "Except with the prior written approval of the Board, no insured credit union shall" and inserting "Except as provided in paragraph (2), no insured credit union shall, without the prior approval of the Board"; (2) by redesignating paragraph (2) as paragraph (3); and (3) by inserting sifter paragraph (1) the following new paragraph: "(2) CONVERSION OF INSURED CREDIT UNIONS TO MUTUAL SAVINGS BANKS.— " (A) IN GENERAL.—Notwithstanding paragraph (1), an insured credit union may convert to a mutual savings bank or savings association (if the savings association is in mutual form), as those terms are defined in section 3 of the Federal Deposit Insurance Act, without the prior approval of the Board, subject to the requirements and procedures set forth in the laws and regulations governing mutual savings banks and savings associations. " (B) CONVERSION PROPOSAL.—^A proposal for a conversion described in subparagraph (A) shall first be approved, and a date set for a vote thereon by the members (either at a meeting to be held on that date or by written ballot to be filed on or before that date), by a majority of the directors of the insured credit union. Approval of the proposal for conversion shall be by the affirmative vote of a majority of the members of the insured credit union who vote on the proposal. "(C) NOTICE OF PROPOSAL TO MEMBERS.—An insured credit union that proposes to convert to a mutual savings bank or savings association under subparagraph (A) shall submit notice to each of its members who is eligible to vote on the matter of its intent to convert— "(i) 90 days before the date of the member vote on the conversion; "(ii) 60 days before the date of the member vote on the conversion; and "(iii) 30 days before the date of the member vote on the conversion. "(D) NOTICE OF PROPOSAL TO BOARD.— The Board may require an insured credit union that proposes to convert to a mutual savings bank or savings association under H subparagraph (A) to submit a notice to the Board of its intent to convert during the 90-day period preceding the date of the completion of the conversion. "(E) INAPPLICABILITY OF ACT UPON CONVERSION.— Upon completion of a conversion described in subparagraph (A),

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