17-10a04. Conversion of state building and loan association into federal savings and loan association; conversion of federal savings and loan association into state savings and loan association; proce
17-10a04
17-10a04. Conversion of state building and loan
association into federal savings and loan association; conversion of federal
savings and
loan association into state savings and loan association; procedure.
Any building and loan association incorporated under the laws of the
state of Kansas may be converted into a federal savings and loan
association, or any federal savings and loan association may be converted
into a state savings and loan association under the laws of the state of
Kansas, by complying with the following procedure:
(a) At any regular meeting of the shareholders and members of any such
association, or at any special meeting of such association duly called for
that purpose in accordance with the bylaws of such association, such
shareholders by an affirmative vote of not less than fifty-one percent
(51%) of the shares outstanding, shall declare by resolution their desire
for conversion.
(b) A copy of the minutes of such meeting of the shareholders and
members verified by the president or vice-president and the secretary of
the association shall be filed in the office of the state savings and loan
commissioner within ten (10) days after such meeting.
(c) In case of conversion from state to federal association, the
association shall as soon as possible after the receipt of its federal
charter file a copy of the same in the office of the state savings and loan
commissioner.
(d) In case of conversion from federal to state association, the
association shall first be examined by the state savings and loan
commissioner and be found to have all the requirements of existing law to
entitle it to become a state savings and loan association.
History: L. 1935, ch. 134, § 1; L. 1972, ch. 53, §
1; July 1.