ARTICLE 6. Conversions [5700. - 5718.]
Article 6 added by Stats. 1983, Ch. 1091, Sec. 2.
§§ 5700–5718 · 19 sections
- § 5700 A state association may convert itself into a federal association by following the procedure outlined in Sections 5701 through 5708.
- § 5701 At any regular or special meeting called to consider the conversion of an association into a federal association, in the case of a stock association, the…
- § 5702 Any executor, administrator, guardian, conservator of a natural person or receiver, and any fiduciary or trustee, and any public corporation, political…
- § 5703 Promptly after the meeting approving a conversion into a federal association, the association shall file in the office of the commissioner a certificate…
- § 5704 A certified copy of the certificate required by Section 5703 filed in the office of the Secretary of State is presumptive evidence of the holding of the…
- § 5705 After the meeting of the stockholders and members, the association shall take any action necessary to make it a federal association, and promptly after receipt…
- § 5706 At the time the conversion into a federal association becomes effective the association ceases to be supervised by this state and all of the property of the…
- § 5707 The converted federal association shall have, hold, and enjoy the property mentioned in Section 5706 in its own right as fully and to the same extent as the…
- § 5708 Where a copy of a charter of a federal association, issued by the Federal Home Loan Bank Board pursuant to the laws of the United States was filed with the…
- § 5709 Any federal association may convert itself into an association by following the procedure set forth in Sections 5710 through 5718.
- § 5710 At any regular or special meeting called to consider the action, the stockholders and members entitled to vote by an affirmative majority of the votes cast in…
- § 5711 Copies of the minutes of the proceedings of the meeting of the stockholders or members in which they vote to convert into an association, verified by the…
- § 5712 The verified copies of the minutes of the meeting, when filed as required by Section 5711, are presumptive evidence of the holding and action of the meeting.
- § 5713 After a meeting as provided for in Section 5710, the federal association shall take or cause to be taken such action as shall make it an association in the…
- § 5714 The directors of an association converted from a federal association may insert in the articles of incorporation the following statement: “This association is…
- § 5715 Promptly after the filing of the articles of incorporation with the Secretary of State, there shall be filed with the federal home loan bank of which the…
- § 5716 Upon the filing of the articles of incorporation with the Secretary of State, the federal association ceases to be a federal association and is an association…
- § 5717 The converted association shall have, hold, and enjoy the property mentioned in Section 5716 in its own right as fully and to the same extent as the property…
- § 5718 In the event stock is to be issued by the converted association, the commissioner may issue an organizing permit to the federal association or to the board of…