Apologize for the highly detailed posts, but it is an effort to give you the precise reference background so that you can "string the pearls" together in a few days - and say: "Aha, now I see what's up!"
KEEP ASKING YOURSELF:❓What is so important in H. 410 that the Carolinas' Credit Union League (CCUL) and SECU are willing to sacrifice anything and anybody to get it passed?
Going to make you do most of the work on this one, ok?. In 1979 SECU was asked by the N.C. League of Municipalities and N.C. Association of County Commissioners to permit local government employees - not served by an existing credit union - to join SECU. The N. C. Administrator of credit unions approved the change.
The banking and savings and loan interests sued to stop the addition of these folks. On April 7, 1981 the N.C. Supreme Court ruled in favor of the banks. The N.C. Supreme Court said that state credit union law defining who was eligible to join a credit union was limited and did not allow varying groups to join together within one credit union - like state employees and local government employees at SECU.
The current, existing state law defining membership in North Carolina credit unions is exactly the same state law on which the N.C. Supreme Court rendered that 1981 prohibition.
Here's where you can read the full opinion of the North Carolina Supreme Court in 1981 on limiting credit union membership eligibility.:
So, SECU can not legally allow open membership and proceed to take over LGFCU without changing the existing State laws which limit their "current members-be-damned ambitions" - now re-read that "❓" question above.
... will the facts matter at CCUL or SECU, or are we just "casting pearls before swine"?