17-5605. Approval procedure in event of reorganization.
17-5605
17-5605. Approval procedure in event of reorganization.
In the event of a reorganization under this act of an association which
is an insured institution, the commissioner shall forward by mail a copy
of such proposed plan to the federal savings and loan insurance
corporation at Washington, D.C., and shall not approve the plan of
reorganization unless and until he has been advised, in writing, by said
corporation either that, if such reorganization is effected, it will
insure the shares of the reorganized association, or that such insured
institution has taken appropriate steps to terminate insurance of its
shares. If the reorganized association is to be an insured institution,
the commissioner shall mail one certified copy of the resolution of the
members of the reorganizing association approving the plan of
reorganization to the federal savings and loan insurance corporation at
Washington, D.C. In the event of the dissolution of any association
which is an insured institution, the commissioner shall mail a copy of
the certificate of dissolution, endorsed by him, to the federal savings
and loan insurance corporation at Washington, D.C.
History: L. 1943, ch. 133, § 155; July 1.