17-5604.   Approval procedure in event of merger.In the event of a merger, if any of the merging associations is aninsured institution, the commissioner shall not approve the proposed mergerunless and until he has been advised by the federal savings and loaninsurance corporation, in writing, either that upon the completion of theproposed merger, said corporation will insure the shares of the resultingassociation in accordance with the provisions of Title IV of the nationalhousing act, or that such insured association has taken appropriate steps,in accordance with the provisions of Title IV of the national housing act,to terminate insurance of its shares.

      History:   L. 1943, ch. 133, § 154; July 1.