§ 11-44-122 — Waiver of membership or stockholder voting

Notwithstanding
any other provision of state law, whenever the commissioner finds that it is
necessary to effect a merger, consolidation, purchase and assumption agreement,
conversion to stock association, conversion to mutual association, conversion to
federal association, or conversion to state association or other action, as a result of
the assets of any association being impaired to the extent that it threatens loss to
the withdrawable shares or the association being in an unsafe condition and the
time required to give proper notice and hold a meeting to vote on the action is
deemed by the commissioner to increase the threat of loss to the withdrawable
shares, the commissioner may waive the requirement of a membership or
stockholder vote on the action. There shall be no requirement of prior written notice
to the affected parties of said waiver.

Legislative History

Source: L. 82: Entire section added, p. 247, � 3, effective March 25.