17-5548. Reorganization; procedure; recordation of instruments.
17-5548
17-5548. Reorganization; procedure; recordation of instruments.
The board of directors of any association may at a meeting called for
that purpose adopt a plan of reorganization of the association. Six
copies of the proposed plan of reorganization signed and acknowledged by
an officer of the association shall be submitted to the commissioner. If
the commissioner approves the proposed plan of
reorganization, the
commissioner shall endorse such commissioner's approval and
the date thereof upon
the six copies, three of which shall be retained by the
commissioner and three copies returned to the association, one of
which shall be retained by the association. Within six months after
approval, the plan shall be presented to the members at an annual
meeting, or a special meeting called for the purpose of acting upon such
plan, or the approval shall become void. At any such meeting called for
the purpose of acting upon a plan of reorganization which provides for a
reduction of the association's savings liability to each of its
shareholders or depositors pro rata to remedy an impairment of
capital,
any provision of the association's bylaws notwithstanding, each such
shareholder or depositor shall be entitled to one
vote,
plus an
additional vote for each $100 or fraction
thereof
of the amount credited to such shareholder or depositor on the
books of
the association, without any limitation, except
for the total votes which may be cast by each shareholder or
depositor. If at such meeting 51% of
the
shares represented in person
or by proxy vote the adoption of such approved plan, the association may
proceed to reorganize in accordance therewith. Five copies of the
resolution adopted
approving such plan of reorganization shall be filed with the commissioner.
The commissioner shall
place a copy of such certified resolution and statement and a copy of
the approved plan in the permanent files of such
commissioner's office, and transmit copies thereof to the secretary of state.
Copies of the
instruments shall be
filed with the register of deeds in every county where necessary to show
transfer of title of property.
History: L. 1943, ch. 133, § 126; L. 1978, ch. 84, § 1;
L. 1998, ch. 189, § 7; July 1.