17-5542.   Same; approval or disapproval of merger agreement.Six copies of such merger agreement, signed and acknowledged before anofficer competent to take acknowledgments of deeds, by the president or avice-president and the secretary or an assistant secretary of each of themerging associations, party to such agreement (hereinafter termed "mergingassociations"), together with an equal number of certified copies of theproceedings of each of the meetings of the respective boards of directorsat which such agreement was authorized similarly signed and acknowledged,shall be submitted to the commissioner for his approval. The commissioner,upon receipt of the copies of the merger agreement, shall examine the sameto determine whether the proposed plan of merger will work an unduehardship upon the members of any of the associations involved or impair theusefulness and success of other properly conducted associations in the sameor neighboring communities, and shall either approve or disapprove suchproposed merger.

      History:   L. 1943, ch. 133, § 120; July 1.