§ 54C-34. Conversion of stock savings bank to mutual savings bank.

§ 54C‑34.  Conversion ofstock savings bank to mutual savings bank.

A stock savings bank organizedand operating under this Chapter may, subject to the approval of theCommissioner of Banks, convert to a mutual savings bank under this section. Anyrules that the Commissioner of Banks may adopt governing the conversion ofstock savings banks to mutual savings banks shall include requirements that:

(1)        The conversionneither impair the capital of the converting savings bank nor adversely affectits operations;

(2)        The conversion shallbe fair and equitable to all stockholders of the converting savings bank;

(3)        The public shall notbe adversely affected by the conversion;

(4)        Conversion of asavings bank shall be accomplished only under a plan approved by the Commissionerof Banks. The plan shall have been approved by an affirmative vote of two‑thirdsof the members of the board of directors of the converting savings bank, aftera full and fair disclosure to the stockholders, by an affirmative vote of amajority of the total votes that stockholders of the savings bank are eligibleand entitled to cast; and

(5)        The plan ofconversion provides that:

a.         Deposit accounts beissued in connection with the conversion to the stockholders of the convertingsavings bank;

b.         A uniform date befixed for the determination of the stockholders to whom, and the amount to eachstockholder of which, deposit accounts shall be made available; and

c.         Deposit accounts somade available to stockholders be based upon a fair and equitable formulaapproved by the Commissioner of Banks and fully and fairly disclosed to thestockholders of the converting savings bank. (1991, c. 680, s. 1; 2001‑193, s. 16.)