(a) Domestic converting associations.-- Except as provided in section 318 (relating to excluded entities and transactions) or this section, by complying with this chapter: (1) A domestic entity may become a domestic entity of a different type or a domestic banking institution. (2) A domestic banking institution may become a domestic association of a different type. (3) A domestic entity may become a foreign association of a different type, if the conversion is authorized by the laws of the foreign jurisdiction. (b) Foreign converting associations.-- By complying with the applicable provisions of this subchapter, a foreign association may become a domestic entity of a different type if the conversion is authorized by the laws of the jurisdiction of formation of the foreign association. (c) Protected governance agreements.-- If a protected governance agreement that is binding on a domestic entity immediately before the effectiveness of a transaction under this chapter contains a provision that applies to a merger of the entity but does not refer to a conversion, the provision shall apply to a conversion of the entity as if the conversion were a merger until the provision is amended after July 1, 2015. (d) Exceptions.-- This subchapter may not be used to accomplish a transaction that has the same effect as a transaction under any of the following provisions: (1) Section 7104 (relating to election of an existing business corporation to become a cooperative corporation). (2) Section 7105 (relating to termination of status as a cooperative corporation for profit). (3) Section 7106 (relating to election of an existing nonprofit corporation to become a cooperative corporation). (4) Section 7107 (relating to termination of nonprofit cooperative corporation status). (e) Cross reference.-- See section 314 (relating to regulatory conditions and required notices and approvals).
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