Section 386-B:3 Procedure for Adopting a Plan of Reorganization.
The plan of reorganization pursuant to which the reorganization is to be carried out, and the proposed amended charter, must be approved by the board of trustees of the mutual savings bank by resolution adopted by 2/3 of the whole number of trustees. The plan of reorganization, along with the proposed amended charter, shall then be submitted for adoption to a special meeting of the corporators of the bank called in the manner provided by its bylaws. Copies or summaries of the plan and amended charter shall be enclosed with the notice of the meeting. Adoption of the plan of reorganization shall be by the affirmative vote of 2/3 of the whole number of corporators. A corporator may vote at such special meeting either in person or by proxy executed in writing by the corporator or by his duly authorized attorney-in-fact.
Source. 1985, 267:1, eff. Aug. 7, 1985.