§ 15251 Credit Union Liquidation Process

• •The board can either create a three‑member committee or appoint a liquidating agent.
• •If the commissioner is the liquidating agent, they may act directly or appoint someone else.
• •When the commissioner is the liquidating agent, the credit union must surrender its certificate to act as a credit union.

A credit union gets approval to dissolve under Section 15250. Its board decides to appoint a liquidating agent, and the state commissioner steps in as that agent. The commissioner can either handle the liquidation themselves or name the National Credit Union Administration or another person to do it, and the credit union must surrender its charter.

Because the commissioner is named liquidating agent, the credit union must hand over its charter, and the agent (or the agency they appoint) will sell the credit union’s assets and settle its affairs.