369.069. Conversion to federal association, procedure, effect of.
Conversion to federal association, procedure, effect of.
369.069. 1. At a meeting of the members of a mutualassociation or stockholders of a capital stock association, anyassociation may convert itself into a federal savingsassociation, hereinafter called a "federal association", inaccordance with the laws of the United States, upon a vote of amajority of the votes of the members or of the stockholders castin person or by proxy at the meeting. The notice of the meetingshall state that such action is to be considered at the meeting.A copy of the minutes of the proceedings of the meeting of themembers or stockholders, verified by the affidavit of thesecretary of the association, shall be filed in the office of thedirector of the division of finance within ten days after themeeting and shall be presumptive evidence of the holding andaction of the meeting. Within three months after the date of themeeting, the association shall take the action required by thelaws of the United States for conversion into a federalassociation. There shall be filed with the director of thedivision of finance and with the secretary of state either a copyof the charter issued to the federal association by the Office ofThrift Supervision or any successor thereto or a certificateshowing the organization of the association as a federalassociation, certified by the secretary or assistant secretary ofthe Office of Thrift Supervision or any successor thereto.Failure to file any such instruments with either the director ofthe division of finance or the secretary of state shall notaffect the validity of such conversion.
2. Any association granted such a charter by the Office ofThrift Supervision or any successor thereto shall cease to be anassociation under sections 369.010 to 369.369 and shall no longerbe subject to the supervision and control of the director of thedivision of finance, but the corporate existence of theassociation shall not terminate, and the federal associationshall be deemed to be a continuation of the entity of theassociation so converted and shall possess all the rights,privileges, immunities and franchises, as well of a public as aprivate nature of such association, and all property, real,personal and mixed, and all debts due on whatever account, andall other choses in action, and all and every other interest ofor belonging to or due to the association shall be taken anddeemed transferred to and vested in the federal associationwithout further act or deed. The title to any real estate, orany interest therein, under the laws of this state vested in theassociation shall not revert or be in any way impaired by reasonof the conversion.
3. The federal association shall thenceforth be responsibleand liable for all the liabilities and obligations of theassociation, and any claim existing or action or proceedingpending by or against the association may be prosecuted tojudgment as if the conversion had not taken place, or the federalassociation may be substituted in its place. Neither the rightsof creditors nor any liens upon the property of the associationshall be impaired by the conversion.
(L. 1971 S.B. 3 § 13, A.L. 1982 S.B. 464, A.L. 1994 H.B. 1165)Effective 7-6-94