17-5645.   Successor association of liquidated association; commissionerissues certificate of incorporation; approval by board.If upon the liquidation of a savings and loan association,the commissioner is of the opinion that in the best interest of the membersof the liquidated association and the public interest of its community,the commissioner may issue a certificate of incorporation to applicantsfor the organization and establishment of a successor association, subjectto confirmation and subsequent approval by the savings and loan board. Upon approval of a petition for a certificate of incorporation for the organizationand establishment of any such successor association, the commissioner shallno later than the next regular meeting of the board submit such petitionto the board for its confirmation and approval.

      History:   L. 1983, ch. 85, § 3; April 14.