visterra credit union Legal regime of housing and savings cooperatives are governed by the Federal Law of December 30, 2004 N 215-FZ "On the housing savings cooperatives."

According to Article 12 of the Act creates a cooperative initiative of at least fifty people and no more than five thousand people. State registration of the cooperative shall be as determined by the Federal Law "On state registration of legal entities and individual entrepreneurs."

Article 13 of the Federal Law of December 30, 2004 N 215-FZ "On the housing savings cooperatives" defines the procedure for the reorganization of the cooperative.

Cooperative may be voluntarily or reorganized in the manner provided by this Federal Law. The reorganization of the cooperative may be made in the form of merger, accession, division, separation or transformation.

Housing cooperative savings can be coerced to the housing cooperative housing association or housing associations. Housing cooperative savings can be converted into a legal entity other legal forms only in the cases stipulated by federal law.

Voluntary reorganization of the cooperative in accordance with the decision of the general meeting of the cooperative in accordance with the Civil Code, this Federal Law and other federal laws.

If the number of members of the cooperative will exceed the limit established by this Federal Law, the cooperative shall be forced reorganization of the courts in the form of division or separation at the request of the federal executive body authorized to carry out state registration of legal entities, or the federal executive branch responsible Control and supervision of financial markets. The federal executive branch responsible for the control and supervision of the financial markets, to suspend the operations of the cooperative to raise funds for new members of the cooperative and the use of these funds during the forced reorganization  visterra credit union .

During the reorganization of the cooperative, its rights and obligations are transferred to the legal successor of the cooperative in accordance with the act of transfer or separation balance sheet of the cooperative, which shall contain provisions on succession for all obligations of the reorganized cooperative in respect of all of its creditors and debtors. If the separation balance sheet of the cooperative makes it possible to determine his successor, the new legal entity are jointly and severally liable for all obligations of the reorganized cooperative to its creditors.

The act of transfer or separation balance sheet approved by the cooperative's general meeting of members of the cooperative and submitted together with the founding documents for the state registration of the new legal entities or amend the charter of the cooperative.

Becomes a member of the reorganized cooperative member of a newly formed cooperatives in accordance with the decision on the reorganization of the cooperative, approved by the general meeting of members of the cooperative, and in the case of division or separation of the cooperative by the court in accordance with its decision.

Not later than thirty days after the decision on the reorganization of the cooperative in the form of division, separation or transformation, and the reorganization of the cooperative in the form of merger or acquisition not later than thirty days after the decision on this last of cooperatives involved in a merger or accession, the cooperative shall notify in writing to the creditors of the cooperative and to publish in the gazette, which publishes data on state registration of legal entities of the decision. In this case, the creditors of the cooperative, within thirty days from the date of their notification or from the date of publication of the notice of the decision may request, in writing, or early termination of the performance of the obligations of the cooperative and compensation for losses.

The cooperative is considered reorganized from the date of state registration of the newly formed cooperative, except for the reorganization of the cooperative in the form of merger. During the reorganization of the cooperative in the form of merger with another cooperative first one is reorganized from the date of entry into the Unified State Register of Legal Entities about affiliated cooperative  visterra credit union .