17-5521. Bulk sale of assets.
17-5521
17-5521. Bulk sale of assets.
Any association may also, as one transaction, not in the regular and
usual course of its business, transfer, sell or exchange all or
substantially all of its property, including its name and good will, to any
other association or to a federal savings and loan association, and may
accept, in return therefor, cash, shares, and accounts of the purchasing
association upon such terms as may be agreed upon by the affirmative vote
of at least a majority of the directors of such association and by the
affirmative vote of a majority of the votes of all members of the
association at any annual meeting, or special meeting called for such
purposes; but no such bulk transfer, sale, or exchange of property shall be
effective unless approved by the commissioner.
History: L. 1943, ch. 133, § 99; July 1.