Colorado § 11-45-101 Conversion into federal association

Colorado Statutes

§ 11-45-101 — Conversion into federal association

Colorado·Title 11 Financial·Art. Conversion

(1)Any savings and loan association or other home-financing organization, by whatever name or style it may be designated, that is eligible to become a federal savings and loan association may convert itself into a federal savings and loan association by the following procedure:

(a)At any regular or special meeting of the shareholders of any such association called to consider such action and held in accordance with the laws governing such association, such shareholders, by an affirmative vote of the shareholders owning and voting the number of shares required for authorization of the sale of the association's assets or required to accomplish a consolidation or a merger, whichever is the greater, present in person or by proxy, may declare by resolution the determination to conv

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(1) Any savings and loan
association or other home-financing organization, by whatever name or style it may
be designated, that is eligible to become a federal savings and loan association may
convert itself into a federal savings and loan association by the following
procedure:

(a) At any regular or special meeting of the shareholders of any such
association called to consider such action and held in accordance with the laws
governing such association, such shareholders, by an affirmative vote of the
shareholders owning and voting the number of shares required for authorization of
the sale of the association's assets or required to accomplish a consolidation or a
merger, whichever is the greater, present in person or by proxy, may declare by
resolution the determination to convert said association into a federal savings and
loan association.

(b) A copy of the minutes of such meeting of the shareholders, verified by
the affidavit of the president or vice-president and the secretary of the meeting,
shall be filed within ten days after said meeting in the office or division of this state
having supervision of such association. Such verified copy of the minutes of such
meeting when so filed shall be presumptive evidence of the holding and of the
action of such meeting.

(c) Within a reasonable time and without any unnecessary delay after the
adjournment of the meeting of shareholders, the association shall take any action
that may be necessary to make it a federal savings and loan association.

Colorado § 11-45-101 (Conversion into federal association) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 35: p. 263, � 1. CSA: C. 25, � 67. CRS 53: � 122-7-1. C.R.S. 1963: � 122-6-1. L. 2004: (1)(c) amended, p. 140, � 26, effective July 1. L. 2024: IP(1) and (1)(c) amended, (HB 24-1381), ch. 350, p. 2392, � 65, effective August 7.