17-5548.   Reorganization; procedure; recordation of instruments.The board of directors of any association may at a meeting called forthat purpose adopt a plan of reorganization of the association. Sixcopies of the proposed plan of reorganization signed and acknowledged byan officer of the association shall be submitted to the commissioner. Ifthe commissioner approves the proposed plan ofreorganization, thecommissioner shall endorse such commissioner's approval andthe date thereof uponthe six copies, three of which shall be retained by thecommissioner and three copies returned to the association, one ofwhich shall be retained by the association. Within six months afterapproval, the plan shall be presented to the members at an annualmeeting, or a special meeting called for the purpose of acting upon suchplan, or the approval shall become void. At any such meeting called forthe purpose of acting upon a plan of reorganization which provides for areduction of the association's savings liability to each of itsshareholders or depositors pro rata to remedy an impairment ofcapital,any provision of the association's bylaws notwithstanding, each suchshareholder or depositor shall be entitled to onevote,plus anadditional vote for each $100 or fractionthereofof the amount credited to such shareholder or depositor on thebooks ofthe association, without any limitation, exceptfor the total votes which may be cast by each shareholder ordepositor. If at such meeting 51% oftheshares represented in personor by proxy vote the adoption of such approved plan, the association mayproceed to reorganize in accordance therewith. Five copies of theresolution adoptedapproving such plan of reorganization shall be filed with the commissioner. The commissioner shallplace a copy of such certified resolution and statement and a copy ofthe approved plan in the permanent files of suchcommissioner's office, and transmit copies thereof to the secretary of state.Copies of theinstruments shall befiled with the register of deeds in every county where necessary to showtransfer of title of property.

      History:   L. 1943, ch. 133, § 126; L. 1978, ch. 84, § 1;L. 1998, ch. 189, § 7; July 1.