17-5605.   Approval procedure in event of reorganization.In the event of a reorganization under this act of an association whichis an insured institution, the commissioner shall forward by mail a copyof such proposed plan to the federal savings and loan insurancecorporation at Washington, D.C., and shall not approve the plan ofreorganization unless and until he has been advised, in writing, by saidcorporation either that, if such reorganization is effected, it willinsure the shares of the reorganized association, or that such insuredinstitution has taken appropriate steps to terminate insurance of itsshares. If the reorganized association is to be an insured institution,the commissioner shall mail one certified copy of the resolution of themembers of the reorganizing association approving the plan ofreorganization to the federal savings and loan insurance corporation atWashington, D.C. In the event of the dissolution of any associationwhich is an insured institution, the commissioner shall mail a copy ofthe certificate of dissolution, endorsed by him, to the federal savingsand loan insurance corporation at Washington, D.C.

      History:   L. 1943, ch. 133, § 155; July 1.