17-5521.   Bulk sale of assets.Any association may also, as one transaction, not in the regular andusual course of its business, transfer, sell or exchange all orsubstantially all of its property, including its name and good will, to anyother association or to a federal savings and loan association, and mayaccept, in return therefor, cash, shares, and accounts of the purchasingassociation upon such terms as may be agreed upon by the affirmative voteof at least a majority of the directors of such association and by theaffirmative vote of a majority of the votes of all members of theassociation at any annual meeting, or special meeting called for suchpurposes; but no such bulk transfer, sale, or exchange of property shall beeffective unless approved by the commissioner.

      History:   L. 1943, ch. 133, § 99; July 1.