§ 54B‑34. Conversion ofstock associations to mutual associations.
Any stock savings and loanassociation organized and operating under the provisions of this Chapter may,subject to the approval of the Commission, convert to a mutual savings and loanassociation under the provisions of this section. The Commissioner of Banks maypromulgate rules and regulations governing the conversion of stock associationsto mutual associations. Such rules and regulations shall include, but shall notbe limited to requirements that:
(1) The conversionneither impair the capital of the converting association nor adversely affectits operations;
(2) The conversion shallbe fair and equitable to all stockholders of the converting associations;
(3) The public shall notbe adversely affected by the conversion;
(4) Conversion of anassociation shall be accomplished only pursuant to a plan approved by theCommissioner of Banks. Said plan must have been approved by an affirmative voteof two thirds of the members of the board of directors of the convertingassociation, and only after a full and fair disclosure to the stockholders, byan affirmative vote [of] a majority of the total votes which stockholders ofthe association are eligible and entitled to cast;
(5) The plan of conversionprovides that:
a. Withdrawableaccounts be issued in connection with the conversion to the stockholders of theconverting association;
b. A uniform date befixed for the determination of the stockholders to whom, and the amount to eachstockholder of which, withdrawable accounts shall be made available;
c. Withdrawableaccounts so made available to stockholders be based upon a fair and equitableformula approved by the Commissioner of Banks and fully and fairly disclosed tothe stockholders of the converting association. (1981, c. 282, s. 3; 2001‑193,s. 16.)
§ 54B‑34. Conversion ofstock associations to mutual associations.
Any stock savings and loanassociation organized and operating under the provisions of this Chapter may,subject to the approval of the Commission, convert to a mutual savings and loanassociation under the provisions of this section. The Commissioner of Banks maypromulgate rules and regulations governing the conversion of stock associationsto mutual associations. Such rules and regulations shall include, but shall notbe limited to requirements that:
(1) The conversionneither impair the capital of the converting association nor adversely affectits operations;
(2) The conversion shallbe fair and equitable to all stockholders of the converting associations;
(3) The public shall notbe adversely affected by the conversion;
(4) Conversion of anassociation shall be accomplished only pursuant to a plan approved by theCommissioner of Banks. Said plan must have been approved by an affirmative voteof two thirds of the members of the board of directors of the convertingassociation, and only after a full and fair disclosure to the stockholders, byan affirmative vote [of] a majority of the total votes which stockholders ofthe association are eligible and entitled to cast;
(5) The plan of conversionprovides that:
a. Withdrawableaccounts be issued in connection with the conversion to the stockholders of theconverting association;
b. A uniform date befixed for the determination of the stockholders to whom, and the amount to eachstockholder of which, withdrawable accounts shall be made available;
c. Withdrawableaccounts so made available to stockholders be based upon a fair and equitableformula approved by the Commissioner of Banks and fully and fairly disclosed tothe stockholders of the converting association. (1981, c. 282, s. 3; 2001‑193,s. 16.)
§ 54B‑34. Conversion ofstock associations to mutual associations.
Any stock savings and loanassociation organized and operating under the provisions of this Chapter may,subject to the approval of the Commission, convert to a mutual savings and loanassociation under the provisions of this section. The Commissioner of Banks maypromulgate rules and regulations governing the conversion of stock associationsto mutual associations. Such rules and regulations shall include, but shall notbe limited to requirements that:
(1) The conversionneither impair the capital of the converting association nor adversely affectits operations;
(2) The conversion shallbe fair and equitable to all stockholders of the converting associations;
(3) The public shall notbe adversely affected by the conversion;
(4) Conversion of anassociation shall be accomplished only pursuant to a plan approved by theCommissioner of Banks. Said plan must have been approved by an affirmative voteof two thirds of the members of the board of directors of the convertingassociation, and only after a full and fair disclosure to the stockholders, byan affirmative vote [of] a majority of the total votes which stockholders ofthe association are eligible and entitled to cast;
(5) The plan of conversionprovides that:
a. Withdrawableaccounts be issued in connection with the conversion to the stockholders of theconverting association;
b. A uniform date befixed for the determination of the stockholders to whom, and the amount to eachstockholder of which, withdrawable accounts shall be made available;
c. Withdrawableaccounts so made available to stockholders be based upon a fair and equitableformula approved by the Commissioner of Banks and fully and fairly disclosed tothe stockholders of the converting association. (1981, c. 282, s. 3; 2001‑193,s. 16.)
