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This entry was published on 2014-09-22
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SECTION 9019
Certain provisions relating to the conversion of non-stock savings banks and savings and loan associations to stock form
Banking (BNK) CHAPTER 2, ARTICLE 16
§ 9019. Certain provisions relating to the conversion of non-stock
savings banks and savings and loan associations to stock form. No mutual
savings bank and no mutual savings and loan association shall convert to
stock form unless all depositors (in the case of such savings banks) and
all shareholders (in the case of such savings and loan associations) of
any such converting institution whose aggregate deposit or share
balance, as the case may be, (as shown on the books and records of the
converting institution) equals at least one hundred dollars as of a
record date to be established in accordance with general regulations of
the superintendent of financial services are provided with an
opportunity to approve such conversion, either in person or by valid
proxy, at a meeting duly convened in accordance with general regulations
of the superintendent of financial services for the purpose of approving
or disapproving such conversion. At such meeting, each depositor or
shareholder shall be entitled to cast one vote for each full one hundred
dollars of deposits or shares of such depositor or shareholder shown on
the books and records of the converting institution as of such record
date. A depositor or shareholder shall not be entitled to cast any votes
for any deposit or share balances in amounts of less than one hundred
dollars. No such conversion shall be effective unless approved by the
affirmative vote of at least seventy-five per centum of the aggregate
dollar amount of the book value of deposits or shares, as the case may
be, represented (either in person or by proxy) at such duly convened
meeting and entitled to vote thereat.