17-10a04.   Conversion of state building and loanassociation into federal savings and loan association; conversion of federalsavings andloan association into state savings and loan association; procedure.Any building and loan association incorporated under the laws of thestate of Kansas may be converted into a federal savings and loanassociation, or any federal savings and loan association may be convertedinto a state savings and loan association under the laws of the state ofKansas, by complying with the following procedure:

      (a)   At any regular meeting of the shareholders and members of any suchassociation, or at any special meeting of such association duly called forthat purpose in accordance with the bylaws of such association, suchshareholders by an affirmative vote of not less than fifty-one percent(51%) of the shares outstanding, shall declare by resolution their desirefor conversion.

      (b)   A copy of the minutes of such meeting of the shareholders andmembers verified by the president or vice-president and the secretary ofthe association shall be filed in the office of the state savings and loancommissioner within ten (10) days after such meeting.

      (c)   In case of conversion from state to federal association, theassociation shall as soon as possible after the receipt of its federalcharter file a copy of the same in the office of the state savings and loancommissioner.

      (d)   In case of conversion from federal to state association, theassociation shall first be examined by the state savings and loancommissioner and be found to have all the requirements of existing law toentitle it to become a state savings and loan association.

      History:   L. 1935, ch. 134, § 1; L. 1972, ch. 53, §1; July 1.