369.074. Conversion to state association, procedure, effect of.
Conversion to state association, procedure, effect of.
369.074. At a meeting of the members of a mutualassociation or of the stockholders of a capital stockassociation, any federal association may convert itself into anassociation under sections 369.010 to 369.369 upon a vote of themajority of the votes of the members or of the stockholders castin person or by proxy at such meeting. Copies of the minutes ofthe proceedings of the meeting of the members, verified by theaffidavit of the secretary of the federal association, shall befiled in the office of the director of the division of financeand mailed to the Office of Thrift Supervision or any successorthereto within ten days after the meeting and shall bepresumptive evidence of the holding and action of the meeting.At the meeting the members or stockholders also shall elect thepersons to serve as directors of the association after conversiontakes place. The persons so designated as directors shallexecute two copies of articles of incorporation in form asrequired by sections 369.010 to 369.369, together with two copiesof proposed bylaws, and deliver them to the director of thedivision of finance. If the director of the division of financefinds the articles of incorporation in proper form, the directorshall endorse thereon the statement, "This association is aconversion from a federal association.", and forward both copiesof the articles of incorporation to the secretary of state who,thereupon, shall issue a certificate of incorporation. Thedirector of the division of finance, by regulation, may providefor the procedure to be followed in carrying out the conversionof a federal association into an association under sections369.010 to 369.369. All the provisions regarding property andother rights contained in section 369.069 shall apply in reversemanner to the conversion of a federal association into anassociation subject to sections 369.010 to 369.369. Theassociation may continue to operate all branch offices andagencies. Neither the rights of creditors nor any liens upon theproperty of the federal association shall be impaired by theconversion.
(L. 1971 S.B. 3 § 14, A.L. 1982 S.B. 464, A.L. 1994 H.B. 1165)Effective 7-6-94