Colorado § 11-45-103 Conversion into state association

Colorado Statutes

§ 11-45-103 — Conversion into state association

Colorado·Title 11 Financial·Art. Conversion

(1)Any federal savings and loan association may convert itself into an association under articles 40 to 46 of this title 11 by the majority vote of all members present in person or by proxy at an annual meeting or at any special meeting called to consider the action. Copies of the minutes of the proceedings of the meeting of members, verified by the affidavit of the secretary or an assistant secretary, shall be filed in the office of the commissioner within ten days after the meeting. The verified copies of the proceedings of the meeting when filed are prima facie evidence of the holding and action of the meeting.

(2)At the meeting at which conversion is voted upon, the members shall also vote upon the directors who shall be the directors of the state-chartered association aft

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(1) Any federal savings and
loan association may convert itself into an association under articles 40 to 46 of
this title 11 by the majority vote of all members present in person or by proxy at an
annual meeting or at any special meeting called to consider the action. Copies of
the minutes of the proceedings of the meeting of members, verified by the affidavit
of the secretary or an assistant secretary, shall be filed in the office of the
commissioner within ten days after the meeting. The verified copies of the
proceedings of the meeting when filed are prima facie evidence of the holding and
action of the meeting.

(2) At the meeting at which conversion is voted upon, the members shall also
vote upon the directors who shall be the directors of the state-chartered
association after conversion takes effect. Such directors shall then execute two
copies of the certificate of incorporation and four copies of the bylaws. The
directors chosen for the association shall all sign and acknowledge the certificate
of incorporation as subscribers thereto and the bylaws as incorporators of the
association. The commissioner may provide, by regulation, for the procedure to be
followed by any such federal savings and loan association converting into an
association under articles 40 to 46 of this title. The state-chartered association
shall be a continuation of the corporate entity of the converting federal association
and continue to have all of its property and rights.

Colorado § 11-45-103 (Conversion into state association) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 39: p. 251, � 24. CSA: C. 25, � 68(1). CRS 53: � 122-7-3. C.R.S. 1963: � 122-6-3. L. 2004: (1) amended, p. 140, � 27, effective July 1. L. 2024: (1) amended, (HB 24-1381), ch. 350, p. 2392, � 66, effective August 7.